AFB Seminar: Understanding the UK’s New ‘Failure to Prevent Fraud’ Offence and What It Means for Your Business

AFB will partner with Squire Patton Boggs for an in-person seminar focussed on the ‘Failure to prevent fraud’ offence under the Economic Crime and Corporate Transparency Act (ECCTA).

This new offence will come into force when the government publishes guidance, expected to be in Q2 of 2024.  The legislation puts responsibility onto businesses to be proactive in their fraud risk management initiatives. Attendees will hear why firms must review and update their fraud risk management strategy and ensure they consider emerging risks and controls, so they are well-equipped to deal with fraud if/when it happens.

Why attend?

Under the new legislation, a large organisation will be liable if an “associated person” commits a fraud offence that intends to benefit the organisation (whether directly or indirectly) unless they can show they had reasonable procedures to prevent fraud.  The offence could lead to prosecution, resulting in financial penalties of potentially unlimited fines in addition to reputational damage, regulatory scrutiny, and loss of business opportunities.  Broader corporate liability for fraud has already been extended so that businesses will be liable for misconduct by their senior managers.

For many firms, this will change the way they operate, as the ECCTA will require businesses to take responsibility to embed appropriate fraud prevention measures.

This session will cover the following:

• An overview of the new failure to prevent fraud offence and the extension to corporate liability for fraud
• Outline how the offence applies to your organisation and its extra-territorial effect
• The implications of the offence and “reasonable prevention procedures” in the financial services context
• Practical tips on assessing risk and managing compliance

What will members gain for use at their bank?

A better understanding of how to prepare for the failure to prevent fraud offence by developing a comprehensive fraud risk management framework.

Who should attend?

This seminar is aimed at Compliance, Risk and Legal teams.

Speaker

Hannah Laming – European head of Government Investigations & White Collar

Hannah manages internal investigations and compliance as well as high-profile, complex government investigations and litigation often involving the Serious Fraud Office (SFO), Financial Conduct Authority (FCA) or other UK and global enforcement agencies. She acts for corporates and individuals and her expertise includes fraud, corruption, money laundering, internal investigations, government investigations, cross-border issues, private prosecutions, contentious regulatory matters and compliance.

Hannah is recognised as a leading individual across her practice areas by The Legal 500 and is ranked as band 1 for private prosecutions by Chambers. Referees describe her as “outstandingly detailed and forensic”, “utterly committed” and as having “great strategic instincts”. Hannah has over 20 years’ experience as a lawyer.

Logistics

Fee:        Included in AFB membership (no fee)

Venue:     Squire Patton Boggs, 60 London Wall, EC2M 5TQ

Date:        Wednesday, 5 June 2024

Time:       09:00 – 10:15

If you would like to submit a question or have any specific areas that you would like the session to address, please send them to AFB at secretariat@foreignbanks.org.uk  You will receive details on how to join this session a week before the event.