In response to the rising tide of financial fraud, an addendum has been added to the Economic Crime and Corporate Transparency Act, known as the Failure to Prevent Fraud offence.

This new guidance requires financial institutions to take every possible measure to prevent their customers from becoming victims of fraud. From the beginning of September when the act comes into force, companies will be criminally liable for fraud committed by employees.

While some financial institutions believe they have enough measures in place to protect themselves, others have identified serious concerns about the ability of their legacy fraud prevention systems to adequately meet the increasing requirements of the legislation.

In this webinar, we will examine some of the steps FSIs need to take to ensure they have reasonable procedures in place and how they should identify and close the gaps around insider fraud.