Multinational companies that have UK entities face compliance gaps under the Economic Crime and Corporate Transparency Act 2023 (ECCTA) as the transition window nears closure, according to new research from Vistra.
Surveying 300 multinational directors, including 50 executives based in the UK, the study found that 84% felt prepared for the new identity verification requirements.
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However, the proportion of directors and persons with significant control (PSCs) averaged 61%, with just 9% reporting full completion.
The transition period began after mandatory checks were introduced on 18 November 2025.
Existing directors must provide personal codes alongside their next confirmation statement, whilst PSCs face individual verification periods.
The findings coincide with initial regulatory action, after the Insolvency Service fined three directors in September for identity verification offences.
Only 26% have checked Companies House records, 20% have identified all individuals requiring verification and 22% have recorded personal codes.
Among UK respondents, 86% reported preparedness, but 0% completed verification. Average completion was around 60%, with just 14% reaching three-quarters completion.
Cross-border operations have created difficulties for 76% of businesses.
Primary hurdles include multi-jurisdictional coordination (27%), differing identity documentation (24%), and data protection or information-sharing concerns (24%).
The verification process is also exposing weaknesses in businesses’ corporate records.
Three in ten respondents reported discrepancies between their internal records and Companies House data, while 29% identified missing supporting documents, outdated director information, or incorrect or incomplete details on PSCs and ownership. Just 1% said their review found no issues.
Vistra Global Entity Management head Meg Ogunsola said: “There is a clear gap between how prepared businesses feel and how much of the practical work has actually been completed. For multinationals, this challenge is magnified by having directors, PSCs and corporate information spread across multiple jurisdictions.
“These reforms are an important step towards improving corporate transparency, but they are also creating additional work for businesses.
“The findings show why having accurate entity data, clear ownership of the process and visibility over individual verification requirements is so important.
“As the transition period nears its end, businesses should be clear on who still needs to verify, their individual due dates and whether the information supporting that process is accurate and complete.”
