In 2015/2016 the United Kingdom (UK) became the first country to implement the People with Significant Control (PSC) regime which requires disclosure of beneficial ownership of companies. With relative success in the implementation of such regime, the UK authorities have decided to further enhance it by making the identity verification of PSC compulsory and placing the responsibility on PSCs themselves to verify their identity with Companies House. This article examines the background of introducing such a regime in the UK and explores the recent proposal in its further enhancement. It is ultimately argued that it was correct for the UK to enact such a regime back in 2016 and why making the identity verification of PSC compulsory is the right step in enhancing corporate transparency and is beneficial to its economic competitiveness.