As regulated firms begin implementing the Economic Crime and Corporate Transparency Act 2023 (ECCTA), understanding the Act’s new information-sharing framework is becoming increasingly important. In a new co-authored article for inCOMPLIANCE, Ruth Paley and Nigel Kirby, Director, Intelligence and Nominated Officer at Lloyds Banking Group, offer practical guidance on how regulated firms can use ECCTA’s statutory gateway to help prevent, detect and investigate economic crime while implementing appropriate governance, data protection safeguards and operational processes. They also explain why, when used effectively, these powers can strengthen collaboration across the regulated sector and improve the collective response to financial crime.
