The implementation of a Director Identification Number (DIN) will help reduce the number of rogue directors operating, but greater prosecution powers are required, the government has been told.
Speaking to Accountants Daily, Pitcher Partners partner Paul Weston said the government’s plan to introduce a DIN as part of its planned modernisation of business registers was a step in the right direction.
As it stands, current application to become a company director requires only a name, an address and a date of birth, with no requirement for a person to prove their identity.
In contrast, the DIN will require all directors to confirm their identity and will be a unique identifier for each person, providing traceability of a director’s relationships across companies and interface with other government agencies and databases to allow regulators and market participants to map the relationships between individuals and entities and individuals and other people.
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