After Collecting Ownership Data, UK Authorities Now Aim to Verify It

By Koos Couvée

U.K. officials in a report Friday disclosed plans to empower Companies House, the agency that administers Britain's register of corporate ownership data, to review and verify the accuracy of the information it receives to combat the abuse of U.K. legal entities by financial criminals. Companies House will now have authority to compel individuals required to file information on the companies they beneficially own or direct to undergo identity verification checks, while corporate services providers, accountants and others that file information on behalf of such individuals will have to show they have taken steps to verify the identity of those clients...