October 2025
DCW Monthly: January 2026
We start 2026 with a focus on how courts, technology, and compliance realities are testing frameworks that were largely built
DCW Conference Report
2025 London Trade Finance Compliance Annual Meeting: Executive Summary
The Institute of International Banking Law & Practice conducted its one-day London Trade Finance Compliance Annual Meeting, 30 September 2025. This summary provides an overview of topics discussed and debated by leading professionals at the program hosted by Stephenson Harwood as a hybrid event.
16 min read
ECCTA: “Failure to Prevent Fraud” and Corporate Liability
Executive Takeaways
• New UK Offense: Companies can now be criminally liable for failing to prevent fraud committed by associated persons.
• Global Reach: The law applies to organizations outside the UK if the fraud affects UK interests.
• Action Point: Map internal processes and document risk-assessment evidence to demonstrate “reasonable procedures.”
• New UK Offense: Companies can now be criminally liable for failing to prevent fraud committed by associated persons.
• Global Reach: The law applies to organizations outside the UK if the fraud affects UK interests.
• Action Point: Map internal processes and document risk-assessment evidence to demonstrate “reasonable procedures.”
The opening panel began by examining the “Failure to Prevent Fraud” portion of the UK’s Economic Crime and Corporate Transparency Act 2023 (ECCTA) that took effect 1 September 2025. Articulated in Sections 199-206 of the ECCTA, the new corporate offense of failing to prevent fraud (FPF) criminalizes a failure of an organization to prevent fraud committed its associated persons when the fraud was intended to benefit the organization, unless it can prove that it had reasonable prevention procedures in place at the time of the fraud.
Within government-issued guidance, six principles for establishing reasonable fraud prevention procedures are set out and the panel focused on two.
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