The Economic Crime and Corporate Transparency Act 2023 (ECCTA) introduces a new criminal offence of “failure to prevent fraud”, raising the stakes for organisations. Fraud committed by employees or agents can now leave organisations liable, unless they can show that reasonable fraud‑prevention procedures were in place.
Put simply, controls are no longer just good governance – they’re a legal defence. Weak or poorly evidenced controls can expose organisations to prosecution, financial penalties and significant reputational damage.
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