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The Chair states this Annual Report and Accounts for 2023 to 2024, concludes year 4 in the delivery of the strategy, and the planned programme of legislative reform passed its next major milestone with the Royal Assent of The Economic Crime and Corporate Transparency Act (ECCTA) 2023 in October 2023. This marks a significant moment in the history of the UK companies register as the implementation of the new registrar’s powers, from 4 March 2024, brings about the biggest changes since 1844.

 

Performance highlights 2023 to 2024 are in the list below.

 

• Total filings accepted digitally: 12.7 million
• UK register size (as at 31 March 2024): 5.35 million
• Incorporations: 890,684
• Dissolved companies: 663,167
• In liquidation: 109,352
• Companies in course of dissolution: 365,033
• Companies restored: 7,648
• Register of Overseas Entities: 30,776
• Paper purchase A4 ream equivalent: 3,174
• Rate of confirmation statements filed by companies as at 31 March 2024: 97.3%
• Number of times the register was accessed: 16 billion
• Rate of annual accounts filed by companies as at 31 March 2024: 98.3%
• Total filings accepted digitally: 13.1 million
• Total filings accepted: 14.3 million
• Digital take-up: 92%
• Customer satisfaction: 82%

Steve O’Neill on behalf of BTC is a Registered Agent for the registration process of overseas entities.

Action required prior to application for registration

Identification of registrable beneficial owners -Before making an application to register, an overseas entity must take reasonable steps to identify its registrable beneficial owner and obtain the required information. The steps that an overseas entity must take include giving an information notice to a person it knows, or has reasonable cause to believe, is a registrable beneficial owner. Continue reading “Registration of Overseas Entities on the UK Register of Overseas Entities”

Introducing the AML Triplecheck

TripleCheck is the only AML solution you will ever need, available on a pay as you go basis for our BTC account holders, contact us for a competitive quote.

TripleCheck is a pioneering new electronic KYC and AML solution that combines three highly sophisticated verification methods. Level one is the identification, verification and screening process; level 2 is Facial Recognition and level 3 is Digital Fraud Checks. Together they are TripleCheck, the most powerful, robust and reliable all-in-one AML platform on the market.

Level 1: Identification and Verification with Sanction and PEP screening

Level 2 of TripleCheck combines Optical Character Recognition (OCR) and the latest biometric facial recognition techniques to provide you with a true picture of your customer.

This highly advanced technology performs an algorithmic check on photo identity documents and then, using a customer Selfie Liveness Video (SLV), uses biometric and liveness detection to compare the ‘real person’ with the document provided to ensure the image and information is genuine.

Level 3 of TripleCheck utilises various Digital Elements (DEs) to create robust and simple to understand fraud risk indicators to deliver an overall risk score. A dashboard provides detailed information to support additional due diligence enabling you to further investigate high-risk events.

The SmartSearch TripleCheck technology then matches the DEs to the individual’s terrestrial address enabling the CRA data, ID Document and SLV imaging to be bound together to create a Composite Digital Identity (CDI).

Click here to view a video on the functionality

To open a AML account just simply contact us to discuss your needs