New UK fraud rules intensify global focus on third-party risk
Firms will have responsibility to ensure “associated” persons are taking steps to prevent fraud
A new UK law introducing penalties for those who fail to prevent fraud is set to create new pressures for third-party due diligence by financial institutions, and will reach beyond the UK’s borders, financial crime experts are warning.
“Employees, agents, subsidiaries: anyone who’s acting on behalf of the company is an associated person, so if one of those associates commits fraud, that’s it,”
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