Today sees the launch of a new service that allows third-party corporate service providers, such as accountants, legal professionals and company formation agents to apply to register as an authorised corporate service provider (ACSP). 

The new ACSP service is one of the changes being made under the Economic Crime and Corporate Transparency Act to improve the business landscape in the UK.

As the Act is further implemented, third-party providers will have to register using this new service to file information and confirm that they have verified the identities of their clients.

The Act provides a more robust framework for anyone filing on behalf of a company.

For example, ACSPs will be required to: 

• be based in the UK;
• register with Companies House, providing opportunities for oversight;
• be registered with a UK supervisory body for anti-money laundering purposes; and
• retain records of identity verification checks.

Where appropriate, the registrar may suspend or cease an ACSP’s registration with Companies House.

Companies House CEO Louise Smyth CBE said: “The new ACSP regime is a step towards a more transparent and secure business environment in the UK. “Requiring third party agents to register as authorised corporate service providers will provide assurance that identity checks they carry out achieve the same level of assurance as identity verification directly through Companies House.”

“Soon all new and existing company directors (and equivalents), people with significant control, as well as those filing information with Companies House will need to verify their identity.

“This will provide more assurance about who is setting up, running, owning and controlling companies in the UK.”

To become an ACSP, businesses must be registered with one of the UK’s 25 anti-money laundering supervisory bodies. When registering as an ACSP, applicants will need to provide their AML supervisory body membership number.

The ACSP registration process will need to be completed by someone who holds a senior role within the business, such as a director. Companies House estimates that up to 50,000 businesses could apply to register as ACSPs within 12 months of the service launch.