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Making compliance easy – Incoming fraud laws and more changes to sanctions

The exact detail of the upcoming changes to the Economic Crime and Corporate Transparency Bill is still to be established, while at the same time, yet another round of sanctions targeting Russian exports were announced at the G7 summit. With new and regularly changing legislation, how do you stay on top of compliance requirements and […]

A gavel sits on a yellow background, to signify sanctions compliance

The exact detail of the upcoming changes to the Economic Crime and Corporate Transparency Bill is still to be established, while at the same time, yet another round of sanctions targeting Russian exports were announced at the G7 summit.

With new and regularly changing legislation, how do you stay on top of compliance requirements and ensure you avoid fines or prosecutions? You can get ahead of the legislation by enhancing procedures and making simple adjustments to protect against fraud.

Our forensic risk analysis platform can help you prepare for these changes before they take effect, or to immediately be aware of potential risks within your supplier file. This blog details how that works.

Sanctions Monitoring

Since Russia’s attack on Ukraine, the UK has already targeted more than 1,500 Russian individuals and entities and frozen more than £18bn assets under the Sanctions and Anti-Money Laundering Act, including a ban on imports of Russian gold. We’ve recently heard from Rishi Sunak that upcoming trade sanctions would target Russian imports including diamonds, copper, aluminium and nickel. That’s a lot of companies to keep track of, and you have a legal obligation for compliance. The sanctions are with immediate effect, so you can’t afford to act slowly, or you risk unlimited fines for trading with them.

How can you keep on top of monitoring all your sanctioned suppliers? It’s simple; you can automate it with sanctions monitoring software.

With FISCAL’s software, you don’t need to check every time there’s a new announcement about sanctions. We provide daily checks, so when the UK government publishes a new sanctions list, it is checked against your suppliers automatically. If one of your suppliers is a match, you are alerted immediately, enabling you to take swift action to ensure compliance.

Fraud Prevention

Last year there were almost 3 million cases in the UK alone*. With 37% of fraud committed by employees* and millions in lost revenue for business (and therefore a reduction in tax paid), it stands to reason that the Government would be trying to reduce this with new legislation.

Our AI-driven platform alerts you to a range of different fraud risks, including possible employee fraud. It can compare employee data against your suppliers to ensure there is no conflict of interest or matches to supplier details, while a comprehensive audit trail ensures that all authorised supplier changes are tracked and identified. Our machine-learning will identify inconsistent supplier patterns based on historical supplier data, alerting you to suspicious changes.  

Are you interested in learning more about our solution? Book a demo today here.

References

*UKFinance – https://www.ukfinance.org.uk/policy-and-guidance/reports-and-publications/annual-fraud-report-2023 

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