Cybercrime, Financial Fraud and Bribery

Cybercrime

Few businesses can be unaware of the risks of frauds being perpetrated by bogus firms, phishers, hackers and bored teenagers. Firms are trusted with vast amounts of client money and are primarily responsible if that money goes astray because the firm has fallen victim to a scam or a forged document.

We can assist firms with some reasonably straightforward steps to prepare against such attacks, vet others as part of the transactional chain, verify the accounts to which moneys are sent and improve a firm’s integrity against attack.

We can help firms to

  • Adopt an IT strategy and policy
  • Limit the access points to a hacker
  • Supplement systems by the use of passwords and firewalls
  • Adhere to CyberEssentials and CyberEssentials PLUS
  • Prepare for ISO 27001 accreditation

We can also help firms to

  • Enhance the security of their communications with clients and others
  • Protect themselves in the event of an attack or a fraud
  • Enhance and improve their ID systems to unravel fraudsters.

Financial Fraud & Bribery

None of our clients would ever want to be used as a vehicle to the benefit of perpetrators of financial crime, whether it is money laundering or circumventing of financial sanctions. Not only would this be ethically intolerable, but it could also mean severe penalties for the firm and the Money Laundering Reporting Officer.

We seek to provide clients with a careful balance of having thoroughly robust policies and procedures to safeguard their firm, without bogging down transactions through putting excessive systems in place.

Our approach is formulated to be collaborative and risk-based; it will generally include:

  • A review of your current AML approach, identifying key risks to your business
  • Evaluating or implementing transaction monitoring solutions, including due diligence and ‘know your client’ (KYC) procedures
  • A training programme to develop a compliance culture and raise awareness of the expected standards for all employees
  • Helpline: To deal with potential Suspicious Activity Reports or enquiries from regulators around AML

Principle8 has the experience and expertise to ensure that your business can effectively mitigate the risk of financial crime.

Bribery

The UK Bribery Act has been in force for over 7 years now, but many of its obligations are still foggy to many firms. Not only do all firms have an obligation to rigorously ensure that Bribery risks in their own firm are diminished, but all good corporate legal advisors, should have some knowledge of The Bribery Act to properly serve their clients.

Principle8 is able to:

  • Undertake a bribery risk analysis and identify potential bribery ‘hotspots’ arising from the firm’s location, client base, strategic partners, and governance.
  • Devise and Implement robust anti-bribery procedures
  • Review contracts, corporate partnerships, and arrangements which might be construed as ‘facilitation payments’ to implement bribery mitigation tools
  • Provide training to staff on the key issues of concern for law firms pursuant to The Bribery Act. We are also able to provide seminars for your corporate clients on the Bribery Act risks to their own businesses.

Our goal is to develop a system for you that is commercially viable but will stand up to regulatory scrutiny and minimise risk to your and your client’s businesses.