The UK’s Economic Crime and Corporate Transparency Act (ECCTA) represents a significant regulatory shift, holding businesses accountable for preventing fraud across their operations, including their third-party networks.

With no statutory defence for a “failure to prevent fraud,” organisations are now required to demonstrate comprehensive fraud prevention measures. Senior management is under increased scrutiny, tasked with proactively managing fraud risks, and facing the potential for prosecution. The repercussions are serious, ranging from unlimited fines and reputational damage to heightened regulatory oversight. Strengthening fraud risk management frameworks is now imperative to meet these enhanced regulatory obligations.

In this series of articles for Governance & Compliance magazine, Secretariat Managing Director Hitesh Patel and Director Ben Boorer explore the extensive reach and practical implications of the ECCTA, providing insights into how businesses can effectively navigate the challenges imposed by the Act.

Read the full articles (subscription may be required):

Failure to prevent fraud – what you don’t know could hurt you

How ECCTA changes the game for fraud risk management