This post was originally published on Finextra (Security)
As the deadline for mandatory identity verification under the UK’s Economic Crime and Corporate Transparency Act (ECCTA) approaches in just under three weeks, a new global pulse survey by Vistra, a leading provider of essential business services, finds that many international firms remain worryingly unprepared.
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According to the survey of 100 company directors at international firms operating in the UK, 52% admit their organisations are not yet compliant with the new identity verification requirements, despite the mandatory regime beginning on 18 November. Companies House data suggests actual compliance may be even lower, with around 800,000 of the estimated 7 million required individuals having completed the process. Organisations that have not verified their directors before the due date of their next confirmation statement or PSCs when needed during the following 12 months will be exposed to significant fines and reputational damage.
The ECCTA mandates that all directors, Persons with Significant Control (PSCs), LLP members and anyone filing on behalf of a company must verify their identity with Companies House. Yet, only 56% of directors surveyed are confident they have correctly identified all
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