July 2026
DCW Monthly: July 2026
Courts have been circling the same idea since 1765: the bank pays unless there is fraud. What they have never
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.
Read next
DCW Updates
Data Suggests US Bank-Provided Trade Finance Poses Limited Risk
While acknowledging the reporting of trade finance data is “scarce and fragmented”, an article released by the Board of Governors
DCW Updates
OFAC Issues Advisory on Sham Transactions & Sanctions Evasion
On 31 March 2026, US Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory to alert of sham
DCW Updates
Court Denies CCBC’s Motion, NY Discovery Applies
In White Rock Insurance (SAC) Ltd. v. China Construction Bank Corp., the New York State Supreme Court denied China Construction
DCW Articles
Letters of Credit
In the latest installment of this annual survey article series, Carter Klein examines the most significant letter of credit issues emerging from cases decided in 2024.
