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The Economic Crime and Corporate Transparency Act (ECCTA) represents a significant milestone in the UK's ongoing efforts to combat economic crime and enhance corporate transparency.
This legislation introduces stringent measures to prevent and tackle money laundering, fraud, and other forms of financial crime, affecting businesses across all sectors. It places enhanced obligations on companies to accurately verify and maintain records of their beneficial owners and to report suspicious activities.
The Economic Crime and Corporate Transparency mandates the following key provisions:
The ECCTA places a significant compliance burden on businesses. When it comes to managing vendors and contracts, they will need robust mechanisms for due diligence, data management, and reporting. Failure to comply with these new regulations can result in severe penalties.
Gatekeeper offers a comprehensive Vendor and Contract Lifecycle Management platform that can significantly ease the compliance burden imposed by The Economic Crime and Corporate Transparency.