Compliance in Transition - The Impact of Companies House Reforms

Article

The recent reforms at Companies House mark a pivotal shift towards strengthening corporate transparency and accountability. While these changes present challenges for financial institutions, they also create opportunities to refine compliance frameworks, bolster due diligence, and align with evolving anti-money laundering regulations.

Dec 19, 2024

Ionela Emmett, Senior Manager, Financial Crime Controls, Risks and Policy & Advisory, ICBC Standard Bank

Compliance in Transition - The Impact of Companies House Reforms

The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization

The Companies House reforms aim to improve identity verification, enhance data accuracy, and expand investigative powers to combat financial crime, aligning with anti-money laundering efforts.
Financial institutions must refresh their internal KYC and compliance procedures while prioritizing effective training—particularly face-to-face sessions—to help staff absorb and implement the reforms.
While the reforms address vulnerabilities in corporate registries, financial institutions should continue leveraging multi-faceted verification tools to ensure accurate and reliable client assessments.
Institutions can view the reforms as a chance to strengthen due diligence, enhance governance frameworks, and go beyond minimum regulatory requirements to foster long-term compliance resilience.