Companies House launched its new service for Authorised Corporate Service Providers (ACSPs) earlier this year, which requires third-party corporate service providers who file information on behalf of companies or other registrable entities under the UK Money Laundering Regulations to apply to register as an ACSP. 

From 18 March 2025, third-party agents or intermediaries, such as accountants, legal professionals, auditors and company formation agents, must register their business as an ACSP before they can continue to submit information on behalf of clients.   

The move is one of the changes being made under the Economic Crime and Corporate Transparency Act 2023 (ECCTA) to strengthen the business landscape in the UK by making it harder for rogue operators to hide behind false identities or shell companies. 

“The reforms are part of a government push to strengthen the Companies House register, prevent fraud, and increase corporate transparency,” says Tim Pinkney, director of professional standards at the Institute of Financial Accountants (IFA), in an article published in Accountancy Daily. 

ACSP Accountants 

Key changes introduced under ECCTA include: 

• All new directors and people with significant control (PSCs) must undergo identity verification before appointment. 

• Verification can be done directly via Companies House or through an ACSP. 

• ACSPs, including accountancy firms, will take on legal responsibility for verifying the identity of individuals they register. 

Pinkney believes that the rollout of ACSPs, along with more stringent rules regarding identity verification, means that accounts could soon find themselves becoming “corporate gatekeepers”, and push accountants “closer to the heart of the UK’s corporate regulatory framework”. 

“For accountants, this means a gradual but steady shift away from purely financial services into wider corporate compliance and advisory roles. Director verification is just the first step; more reforms are likely to follow in areas like beneficial ownership disclosure and company formation procedures,” said Pinkney. 

According to Pinkney, accountancy firms now have a decision to make: either embrace ACSP status, offering comprehensive support to clients but taking on added risk, or advise clients to self-verify or use another authorised provider. 

To decide, accountants must weigh up risks versus rewards, which he summarises as follows: 

 Risks to accountants of becoming an ACSP: 

• Liability for errors: if identity verification fails, the firm could be held responsible. 

• Operational burden: new processes, staff training, and system updates will be needed. 

• Increased insurance costs: professional indemnity insurance (PII) policies may require adjustment to reflect new liabilities. 

Benefits to accountants of becoming an ACSP: 

• Stronger client relationships: acting as a trusted gatekeeper cements the accountant’s role as a strategic advisor. 

• Expanded service offerings: firms can integrate verification into broader compliance and advisory packages. 

• Competitive differentiation: early adopters can position themselves as leaders in the post-reform landscape. 

Compliance Regulation Accountants 

For those firms who decide to take the plunge and become an ACSP, preparation should begin now, urges Pinkney.  

Accountants considering registering as an ACSP should take the following steps: 

• Understand Companies House registration process and eligibility criteria. 

• Develop internal verification protocols, potentially aligned with existing AML procedures. 

• Train client-facing staff on new requirements and procedures. 

• Review insurance policies to ensure adequate coverage for new risks. 

• Document verification procedures to ensure consistency and regulatory compliance. 

“Spring 2025 marks a pivotal moment. Accountants must decide whether to step fully into the new gatekeeper role and accept greater responsibility, but also greater influence and trust,” Pinkney said in the article. 

“For those willing to meet the challenge, the Companies House reforms could open up new avenues for growth, client loyalty, and professional prestige. 

“The future belongs to those ready to embrace a broader, more strategic advisory role, and to protect the integrity of UK business from the frontlines,” he said. 

Compliance Services for Accountants London  

At the Regulation & Compliance Office (RACO), we help accountants, solicitors, estate agents and other regulated businesses undertake a review of their policies, controls, and procedures to ensure that they are compliant with AML regulations and, therefore, avoid any breaches. 

A review of this nature provides valuable insight into a business when performed correctly. Along with an overview of risk, these crucial assessments also highlight issues within the business, so it is essential to undertake a proper review. All of a company’s building blocks must be considered, including its staff, clients, operations, and finances. 

By working with RACO, a business can be assured that we will bring the required level of knowledge and expertise needed to perform the review, which adds value to the business and is not simply a box-ticking exercise. Our team can also provide a full range of services that include: 

• Consultancy. 

• Compliance Policies. 

• Training. 

• Handbooks. 

• Auditing. 

Our services focus on businesses’ anti-money laundering and regulatory requirements through the implementation of effective policies, procedures, training, and consultancy. We also provide continued monitoring of staff and ongoing training to ensure that everyone within a business is aware of the latest requirements and complies with their responsibilities. 

We offer a full range of services focused on ensuring businesses across all regulated sectors create, maintain and evidence their compliance with the requirements of their regulators and legislation. We work with businesses of all sizes, from the smaller high street or niche businesses to the large multi-office and multinationals. 

Get In Touch 

We adopt a sensible and pragmatic approach to fees, ensuring we are competitive and always add value. As necessary, we will agree on packaged services to control cost and enable clients to spread payments to alleviate cash flow, yet ensure services are provided when needed. 

If you want to discuss our services in more detail, contact us at 0203 985 8550, email us at info@regulationandcomplianceoffice.co.uk or complete an enquiry form.