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Episode 4: UK’s Economic Crime and Corporate Transparency Act 2023: What Academy Trusts should know and what action should be taken.
As of 1 September 2025, the UK’s Economic Crime and Corporate Transparency Act 2023’s new corporate “failure to prevent fraud” offence came in to effect. Under the rules of this Act, large organisations – including educational institutions – that fail to demonstrate reasonable fraud prevention procedures could face criminal prosecution, unlimited fines and reputational damage. The time for preparation is over and now the focus shifts to implementation, monitoring and continuous improvement.
The key focus of this podcast will be to:
• Provide an overview on the legislation and offence
• Work through the ‘reasonable fraud prevention procedures’ and what ‘good looks like’
• Understand how organisations have approached their implementation of the procedures and the monitoring and review tools used.
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By Stone King LLP, RSMAs of 1 September 2025, the UK’s Economic Crime and Corporate Transparency Act 2023’s new corporate “failure to prevent fraud” offence came in to effect. Under the rules of this Act, large organisations – including educational institutions – that fail to demonstrate reasonable fraud prevention procedures could face criminal prosecution, unlimited fines and reputational damage. The time for preparation is over and now the focus shifts to implementation, monitoring and continuous improvement.
The key focus of this podcast will be to:
• Provide an overview on the legislation and offence
• Work through the ‘reasonable fraud prevention procedures’ and what ‘good looks like’
• Understand how organisations have approached their implementation of the procedures and the monitoring and review tools used.