Q&As

In relation to the Economic Crime and Corporate Transparency Act 2023 and the Authorised Corporate Service Providers (ACSP) regime, can law firm ACSPs rely on third party providers to complete identity verification checks?

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Published by a LexisNexis Corporate expert
Published on: 09 January 2025
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The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 permit reliance on third parties for compliance with due diligence measures, subject to very specific conditions–see Practice Note: Money Laundering Regulations 2017—reliance—law firms. This is separate to the new provisions set out for Authorised Corporate Service Providers (ACSPs) under the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023).

Further details on the ACSPs are emerging (see: Companies House outlines new registration

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