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Drive to tackle fraud
The implementation of IDV comes as Companies House has new enhanced powers to tackle fraud and improve corporate transparency, particularly the abuse of directors’ IDs.

“In a time where economic crime has become too common, it is imperative that we bring in measures to prevent identities being stolen online and today marks a significant milestone in our plans to require identity verification for those setting up and running companies on the Companies House register later this year," commented the minister for employment rights, Justin Madders MP.

However, Winch reflected on a question he was asked during a panel at the Festival of Accounting & Bookkeeping in March on whether IDV will stamp out fraud and his one-word answer was “no”.

“Now having seen how ACSPs could be abused, I’m even more of the opinion that the answer to the question is no. Anybody can get themselves registered for AML purposes with HMRC and say they’re an accountant, fill in some forms and then get registered as an ACSP and wave through all sorts of bad actors as company directors.

“Presumably it will be for Companies House to be reactive and to realise that this particular ACSP is pushing through bad actors and suspend their ACSP status but by then the damage may have been done.”

Winch said the situation reminds him of the Proceeds of Crime Act of 2002, which prevented bad actors from laundering money unless they notified the National Crime Agency. “As we know, money laundering hasn’t come to an end. The IDV measures will make it more difficult for the bad actors to abuse the registrar. But I’m sure it won’t take them very long to work out ways to do what they shouldn’t be doing and to get away with it for a time.”

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