Economic Crime & Corporate Transparency Act – Proactive Approaches for a Safer Tomorrow

The Economic Crime & Corporate Transparency Act 2023 (ECCTA), in particular the introduction of a new corporate criminal offence of failure to prevent fraud and the extension of the ‘Identification Doctrine’ to senior managers, presents a seismic change to the financial crime and compliance landscape.

Under the offence, large organisations may be held criminally liable where an employee, agent, subsidiary, or other “associated person,” commits a specified fraud offence intending to benefit the organisation and the organisation did not have reasonable fraud prevention procedures in place.

In this MGAA Market briefing:

• We will discuss the implications of the failure of prevent fraud offence and ECCTA within the context of the current fraud landscape.
• We will explore the challenges and risks presented by the offence, including how it might impact insurers, their employees and supply chains.
• We will hear from leading fraud experts on their interpretation of ECCTA and its legal, regulatory, and ethical implications.
• We will discuss how MGAs, and Insurers can prepare for the Act and the failure to prevent fraud offence, ensure compliance, and mitigate potential risks following the Acts introduction on 1 September 2025.

At the end of this session, delegates will be able to:

• Understand the legal and regulatory implications of ECCTA, including the failure to prevent fraud offence and the extension of the ‘Identification Doctrine’ to senior managers, for the insurance industry.
• Recognise the risks associated with non-compliance and impact of the Act and the ‘failure to prevent fraud ‘offence on claims, underwriting and insurance policies.
• Identify key areas of potential risk within respective organisations that may be impacted by ECCTA and recommended internal changes as required.
• Better understand how to prepare following implementation of the offence on 1 September 2025.