TrustSphere
 

The Economic Crime and Corporate Transparency Act has now been in force long enough to assess its real-world impact. The reforms to Companies House, the failure-to-prevent fraud offence, and the expanded identity verification requirements represented the UK's most ambitious anti-economic-crime reform package in decades. Two years on, the picture is mixed. Transparency has improved in measurable ways. Enforcement capacity has expanded. But structural weaknesses in verification

Banking-as-a-Service has transformed how fintechs, retailers, and gig-economy platforms deliver financial products. The model has also exposed a recurring structural weakness. The sponsor bank holds the licence and the regulatory accountability, while the customer experience, onboarding decisions and monitoring rules sit largely with the platform partner. When fraud or money laundering controls fail in this model, the consequences land squarely with the bank. Recent enforceme

First-party fraud, where a customer genuinely and knowingly defrauds their lender, has long been one of the most under-acknowledged loss categories in consumer banking. Industry estimates place annual global losses from first-party fraud well above USD 100 billion, with credit card, personal loan, and buy-now-pay-later portfolios taking the heaviest impact. Because traditional fraud controls are oriented around third-party imposters, and traditional credit controls are orient