Legislation – Economic Crime and Corporate Transparency Act 2023
Changes to legislation:
There are currently no known outstanding effects for the Economic Crime and Corporate Transparency Act 2023, Section 165.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
PART 3Register of overseas entities
The register and registration
165Verification of registrable beneficial owners and managing officers
(1)
Section 16 of the Economic Crime (Transparency and Enforcement) Act 2022 (verification of registrable beneficial owners and managing officers) is amended as follows.
(2)
In subsection (2)—
(a)
“(aa)
about how the information is to be verified (including provision about the kinds or sources of evidence to be used);
(ab)
about the standard to which verification is to be carried out;”;
(b)
“(ba)
about the records that must be kept in connection with verification;”;
(c)
“(e)
about the information that must be provided to the registrar to enable the registrar to monitor compliance with any requirements imposed by the regulations.”
(3)
“(2A)
Regulations under this section may create offences in relation to failures to comply with requirements imposed by virtue of subsection (2)(ba) or (e).
(2B)
The regulations must provide for any such offence to be punishable—
(a)
on summary conviction in England and Wales, by a fine;
(b)
on summary conviction in Scotland, by a fine not exceeding level 5 on the standard scale;
(c)
on summary conviction in Northern Ireland, by a fine not exceeding level 5 on the standard scale.”