The Economic Crime and Corporate Transparency Act 2023 (ECCTA) introduces significant changes to UK law, designed to tackle economic crime and increase transparency across UK-registered entities. Receiving Royal Assent in October 2023, ECCTA is being implemented in phases.

We’re here to help you understand what these changes mean for your business — and guide you through the steps needed to stay compliant.

KEY DATES:

• 1 September 2025: The new corporate offence of failure to prevent fraud comes into force
  
  
• 18 November 2025: Mandatory identity verification requirements begin
  
  

 
ECCTA is wide ranging and will have significant implications for organisations including limited companies, limited liability partnerships, limited partnerships, individuals, and those operating in the banking & finance and financial services sectors.  As part of this dedicated ECCTA information hub we have set out details specific to these sectors and entities, below.

Some of the key changes for corporates and individuals being rolled out imminently, include:

• The new corporate failure to prevent fraud offence is set to come into force on 1 September 2025, with a nine-month implementation period designed to ensure organisations have time to comply before enforcement begins.  It is prudent to start planning now, reviewing relevant risk assessments and identifying actions required to allow any gaps to be filled or red flags to be addressed, with appropriate legal advice to secure best outcomes.  
   

• The introduction of identity verification requirements for certain members, directors, and People with Significant Control. It is confirmed that mandatory identity verification will begin from 18 November 2025. You’ll need to complete the identity verification process if you’re an individual and fall into one of these categories:

  • a director of a company registered in the UK (England and Wales, Scotland, or Northern Ireland);

  • a member of a UK limited liability partnership (LLP);

  • a Person with Significant Control (PSC) of a UK company or LLP;

  • a director of an overseas company with a UK establishment
     

• For guidance on who needs to undertake ID verification, when and how, please read The Economic Crime and Corporate Transparency Act 2023 - ID Verification  | Burness Paull and view our guide for undertaking ID verification ECCTA: ID Verification | Burness Paull. 
   

• Changes for those filing documents at Companies House. By Spring 2026, those filing documents on their own behalf or on behalf of others will require to complete the identity verification process. For example, a director filing on behalf of a company will require to be ID verified. In addition, third party agents, for example, law and accountancy firms, filing documents on behalf of others will require to be registered as an Authorised Corporate Service Provider (ACSP). We are an ACSP and are ready to assist clients once the new requirements come into force.
   

If you have any questions, or if you would like to discuss the new requirements set out in ECCTA, please do get in touch.

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What ECCTA means for your sector

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