Large organisations can be criminally liable if an employee or agent commits fraud intended to benefit them, unless they had reasonable fraud-prevention procedures in place.
Key points
- Applies to large organisations meeting two of: 250+ employees, £36m+ turnover, £18m+ assets.
- The only defence is having reasonable prevention procedures.
- Penalty: unlimited fines.
What firms should do
Map the requirements to your controls, assign an owner, and track deadlines in your compliance calendar.