UK Firms Threatened Over Financial Crime Liability

Payments boardroom executives in the UK could face legal retribution if they do not take steps to prevent their staff and associates from committing financial crime, the government has said.

A bill soon to be put forward for public consultation will attempt to rewrite the rules on corporate liability around white-collar crime, including money laundering, fraud and false accounting.

Under the rules, employers could be tasked with preventing their staff and agents, including third-party partners, from committing such crimes, and could be prosecuted for failure to put in “adequate” or “reasonable” controls.

Request a Free Trial

As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.

Take a Trial