Novatus Global’s experienced professionals are here to tailor your requirements ahead of the new Failure to Prevent Fraud Offence under the Economic Crime & Corporate Transparency Act (ECCTA). Whether it be a full overhaul of your fraud control framework or a review of your documentation, ensure you’re ready for the go-live date of 1st September 2025.
Preparing for ECCTA
with Novatus Global
Navigating your new obligations under ECCTA: Enhancement of your Fraud Control Framework, Risk Assessments, Health Checks and ongoing monitoring to ensure that you have the ‘reasonable procedures’ in place to prevent fraud.
Don’t be caught out by Fraud Risk
Where an associated person (an individual who acts ‘for or on behalf of’ your firm) commits fraud, your business could be exposed to criminal liability under this new legislation. The only defence to this charge is to have ‘reasonable procedures’ in place to prevent fraud; as such, it is vital to ensure that your fraud documentation is up to date, proportionate and extensive.
Novatus can support by:
Conducting a Risk Assessment of your fraud controls: Novatus will produce a comprehensive risk assessment tailored to your business structure, engaging with stakeholders across the organisation to ensure appropriate coverage.
Why Novatus Global?
We’re proactive, not reactive.
Novatus Global is a member of a number of industry organisations, and is using for a such as the Investment Association to gain key insights into how ECCTA will affect your business. We therefore take an industry-based, best practice approach to tackling fraud risk to provide the guidance and support needed to overcome these challenges.
A bespoke, proportionate approach that places collaboration at the heart of our relationship with your firm. We have already undertaken ECCTA implementation at leading wealth and asset managers, taking an expert-led, people-first approach to guiding key stakeholders through the process.
What are the upcoming changes to the ECCTA?
What are the key timings and deadlines for the upcoming ECCTA changes
What information is required for IDV under the ECCTA?
A summary of your ECCTA obligations:
- Having the ‘reasonable procedures’ in place to prevent fraud within your organisation. This includes:
- Mapping Associated Persons.
- Conducting a Risk Assessment.
- Carrying out a documentation and controls uplift.
- Ensuring that there is adequate fraud training, and that employees are aware of the importance of reporting fraud immediately.
- Ensuring that there is a culture of openness and fraud prevention at your firm.
- Ensuring that your senior managers have attested to the fact that they are not involved in any criminal activities.
- Registering all directors, PSCs, and those filing documents at companies house, with the relevant ID&V.
Join the many firms who have strengthened their compliance with our expert solutions.
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