Equiniti Comments On PM's Proposed Anti-Corruption Legislation

12 May 2016

Response to potential “failure to prevent” offence in relation to fraud and money laundering

Commenting on the Prime Minister’s proposals to introduce a new “failure to prevent” offence in relation to fraud and money laundering. Liam McGrath, MD at Equiniti*, the technology-enabled regulated services provider said:

“The Prime Minister is right, political will is hugely important in the battle against corruption, but in order to really tackle the problem, government and industry will need to work together to ensure the processes, procedures and systems are in place to limit the opportunities for would-be criminals.”

“Technology is playing a huge role in the battle against financial crime, whether it is software solutions that help verify the identity of new customers or face recognition technology to ensure online payments are made to the right people. Legislation is a vital element but it will need rigorous enforcement and companies will need to invest in fraud prevention to make sure they do not fall foul of these new rules.”

*About Equiniti KYC Solutions (Part of Equiniti)

Equiniti KYC Solutions is an experienced Know-Your-Customer (KYC) technology and solutions provider. We help our clients drive efficiencies into the client lifecycle management process including regulatory on-boarding, periodic and event driven reviews, remediation and off-boarding. Our solutions enable quick and efficient on-boarding of clients, getting them trade-ready as soon as possible.

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