Welcome to Season 2 of the award-winning Data Driven Compliance. In this new season, we will look at the new Failure to Prevent Fraud offense. Join host Tom Fox as we explore this new law and how to comply with it through the lens of data-driven compliance. konaAI sponsors this podcast. In this episode of Season 2, Tom Fox is joined by Mike DeBernardis, Partner at Hughes Hubbard & Reed.
In this episode, Tom and Mike look at the specific offenses listed in the Failure to Prevent Fraud Offense and translate them into US-legalese. They discuss common misunderstandings among US lawyers, the broad jurisdictional scope, and specific fraud types under UK law, such as fraud by false representation, failure to disclose information, and abuse of position. They also emphasize the importance of risk assessments for US companies with UK operations to ensure compliance and avoid legal repercussions, and also touch on the potential geopolitical implications and the necessity of having robust policies and procedures to prevent fraud.
Key highlights:
- Fraud by False Representation
- Fraud by Failing to Disclose Information
- Fraud by Abuse of Position and Obtaining Services Dishonestly
- Corporate Fraud: Participation, Accounting, and Trading
- Risk Mapping and Compliance Strategies
Resources:
Mike DeBernardis on LinkedIn
konaAI, a Covasant company
Click here for konaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK’s New Fraud Legislation
Connect with Tom Fox on LinkedIn
