The Economic Crime and Corporate Transparency Act 2023 – Financial Services
The Economic Crime and Corporate Transparency Act (“ECCTA”) brings changes for the Financial Services sector.
What are the aims of ECCTA?
ECCTA aims to tackle economic crime and improve the transparency of corporate entities in the UK.
What is changing for financial services?
ECCTA brings a number of changes for financial services such as 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 crypto assets.
Read more about these changes, and what you can do to prepare for them, below.
How can we help?
Navigating the complexities of ECCTA can be challenging, but our financial services regulatory team is here to guide you through every step. Here’s how we can assist:
- Risk assessment and compliance audits: We perform comprehensive assessments to identify potential areas where your firm might be exposed to liability under ECCTA.
- Fraud prevention measures: We can assist in developing and implementing “reasonable procedures” for compliance with the new corporate criminal offence of failing to prevent fraud.
- AML policies, systems and controls: Our team aids in strengthening your AML procedures to align with the new allowances for information sharing.
- Cryptoasset advisory: We offer advice in navigating the new powers regarding the seizure and recovery of cryptoassets, helping you to identify and assess related legal risks such as exposure to money laundering or other economic crimes.
- Training and awareness: We design and deliver tailored training sessions for affected staff and provide horizon scanning tools to help enhance a culture of compliance and ethical conduct.
- Continuous legal support: We offer ongoing support to keep you up-to-date with any legal changes, ensuring your firm remains compliant and prepared. We provide nuanced advice on how ECCTA interacts with existing regulatory frameworks like the SMR.
Further legislation
In due course, further legislation will be introduced to detail how these changes will take effect. We will keep this page updated with new information. You can also sign up for updates to stay informed and ahead of the curve on ECCTA’s impact on Financial Services.
Please get in touch with our specialists to find out how we can help you navigate ECCTA.
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