Following the introduction of the Bribery Act in July this year, finance companies face the dual challenges of ensuring their internal anti-bribery procedures are adequate to comply with the new law; and reviewing and updating their customer due diligence and screening procedures to address bribery risks.

Enhanced due diligence procedures may be appropriate in relation to territories and industries associated with a high risk of corruption. It is also advisable for banking lawyers to consider whether their existing covenants are sufficient to address Bribery Act compliance issues.

For further information, please see our in-depth article on the Act here