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17) Does your organisation provide employees with regular fraud prevention training and/or awareness sessions, including at onboarding?

August 19, 2021
Financial Risk
Fraud Training

Answer yes if your organisation provides employees with regular fraud prevention training or awareness programmes. Please describe the nature and frequency of the training within the notes. Please check our knowledgebase to review this control's applicability to your organisation.

Entities regulated by the FCA have specific statutory and regulatory requirements that they have to implement to reduce the risk of fraud, and to enable it's detection. This covers:

  • credit institutions;
  • financial institutions;
  • auditors, insolvency practitioners, external accountants and tax advisers;
  • independent legal professionals;
  • trust or company service providers;
  • estate agents;
  • high value dealers;
  • casinos.

For non-regulated entities fraud is still a risk, but there is no regulatory need for any anti-fraud controls to be implemented. If your business is still considered at high risk for fraud, you may wish to still implement a framework for detecting, preventing, and investigating fraud.

Anti-fraud training is a great way for organisations that are at a high risk of fraud (or regulated entities who are mandated through regulation to train their employees) to educate their employees on their specific fraud responsibilities. The training should outline the specific fraudulent behavior employees should be aware of and how to report this behavior to the organisation so it can be escalated.

Training can be provided via e-learning or through face-to-face training sessions.

How to implement the control

If your company is FCA regulated it is best you seek professional external advice on how to comply with anti-fraud requirements. We'd recommend speaking to a lawyer or regulatory consultant.

If your company is not FCA regulated but you are worried about the impact fraud is having on your business, again we recommend that you speak to a financial crime lawyer or regulatory consultant.

If you are not FCA regulated, and fraud is not impacting your business, then you may not need to implement this control.

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