Fraud
Industry News
It provides the first overview of UK businesses’ experiences with fraud, corruption, money laundering (ML), and financial sanctions.
Key statistics from the survey include:
➡️ Fraud: 27% of UK businesses experienced fraud in the past year, with fake invoice and mandate fraud being most common. Medium and large firms faced higher costs and more frequent incidents;
➡️ Corruption: 3% of businesses experienced bribery, primarily within private domestic transactions. Many incidents went undetected due to verbal offers and lack of formal controls;
➡️ Money Laundering: 2% of firms reported known or suspected ML, involving cash payments or invoice manipulation. Regulated businesses were better prepared, but unregulated ones accounted for most identified cases due to their volume; and
➡️ Financial Sanctions: Only 17% of businesses understood how the regime applied to them. Many misperceived sanctions as relevant only to international trade.
✅ Firms should review their sanctions-related controls and reporting obligations to OFSI, to ensure they maintain robust compliance with the applicable sanctions regimes.
