Failure to Prevent Fraud – Are You Ready for 1 September?

Webinar overview:

Our webinar explores the impact of the new offence of failure to prevent fraud and the critical preparations firms should make now, before the law (brought in by the Economic Crime and Corporate Transparency Act 2023) comes into force on 1 September 2025. After that date, an in-scope organisation may be criminally responsible if it fails to prevent employees and other “associated persons” from committing fraud offences for the company’s benefit. We will consider how to prepare for compliance, before enforcement begins.

Together with Julie Ampadu, an experienced financial services compliance consultant, we will cover:

• The implications of the new offence and how the "reasonable procedures" defence can be satisfied;  
• How to conduct a comprehensive risk assessment to identify potential fraud vulnerabilities;
• Reviewing and updating existing fraud prevention policies in line with government guidance;
• Identifying "associated persons" who perform services for the organisation and appropriate contract terms;
• The importance of training and communication and how to provide employees, especially in higher-risk positions, with clear information about the offence and its implications;
• The role of leadership in demonstrating a strong commitment to fraud prevention and fostering an open culture where employees feel safe to report concerns; and  
• The importance of regular monitoring and review of fraud prevention measures to ensure they remain effective and can adapt to new incidents and risks.

Addressing compliance alongside a broader understanding of fraud prevention, our webinar be invaluable to firms looking to effectively navigate these new legal waters.