Economic Crime and Corporate Transparency Act: What financial institutions need to know
What has happened?
In October 2023, the Economic Crime and Corporate Transparency Act (the ECCTA) received Royal Assent. ECCTA forms part of the UK Government’s wider economic crime plan which aims to limit the proceeds of crime coming into the UK by tightening up certain areas of legislation. Details here.
What are the points of the Act?
“This is a big turning point for financial crime prevention. These reforms were debated for over a year and, whilst they aren’t perfect, the Act is a big step forward. Companies House reform and better data sharing is much overdue, and the failure to prevent fraud requirements should spark a change in corporate culture. However, the effectiveness of the Act will rely on strong enforcement – which we will have to wait to see.”
Jessica Cath - Head of Financial Crime
How can we help you with FCA compliance?
Thistle Initiatives has supported firms for over 10 years as a trusted compliance and regulatory advisor. In addition to assisting you as-and-when, our team of specialists can serve as your right hand in meeting and complying with FCA regulations. We understand the importance of staying up-to-date and compliant and are dedicated to providing the guidance and support needed to do so.
Are you looking for help with your financial crime arrangements, or more general regulatory questions? Contact our specialist team now to schedule a free consultation. Get in touch with us by calling 020 7436 0630 or sending an email to firstname.lastname@example.org.