The Economic Crime and Corporate Transparency Act (the Act), which received Royal Assent in October, brings several changes for financial services firms, such as:
- changing how criminal liability is attributed to organisations
- introducing a new corporate offence of failing to prevent fraud
- facilitating easier data sharing between firms without necessitating law enforcement intervention
- and changes to recovery powers to reflect the evolution of cryptoassets.
You can read more about these changes, and the steps to take to prepare, on our dedicated ECCTA for Financial Services page.
Whilst the Act is now in force, secondary legislation will follow along with further guidelines on how the Act will be implemented. Sign up for updates to stay ahead of the curve.
Next steps for financial services firms
As firms evaluate the impact of the ECCTA, there are steps to take to adapt to these changes. These could include:
- undertaking a thorough risk assessment and compliance audit to identify potential areas where the firm could be exposed to liability under the Act.
- reviewing existing internal policies and procedures and considering if they require amendment to reflect the new regime.
- identifying training needs, such as training on corporate criminal liability prevention, fraud prevention and the new legal landscape regarding cryptoassets.
- ensuring appropriate mechanisms are contained in whistleblowing policies and contracts of employment.
- ensuring staff are kept up to date on changes, for example on updated information sharing protocols and their legal implications.
Read more on preparedness for financial services on our dedicated ECCTA for financial services page, or contact Jamie Gray to discuss how your firm can meet the new requirements.
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