As the wide-ranging Bribery Act legislation means significant changes to the way firms in financial services manage their systems and procedures, the British Bankers’ Association (BBA) has now published guidance to support them in considering how to approach the establishment of adequate policies and procedures in relation to the Act.

The Bribery Act 2010 represents arguably the toughest legal regime against bribery anywhere in the world. It will require a thorough review of internal control frameworks and crucially, creates a strict liability offence for companies and individuals who negligently fail to prevent bribery within the business.

The official Ministry of Justice (MoJ) guidance was published back in March with the intention of helping commercial organisations understand what sort of procedures they can put in place to prevent persons associated with them from bribing or being bribed.

The BBA guidance should not be regarded as law or as a substitute for the MoJ guidance: it should be read in conjunction with the Act and other relevant guidance issued by government, the prosecutorial bodies and the financial services sector regulator.

Commenting on the release of the BBA guidance, chief executive Angela Knight thanked the BBA Bribery Act Working Party, which has advised on its production, and the Serious Fraud Office, the Crown Prosecution Service, the Financial Services Authority and the Ministry of Justice, all of whom helped “develop our thinking in this area”.

She said: “The Bribery Act 2010, the Ministry of Justice guidance and the publication of this guidance form the beginning of a collaborative process; there will be a continuing need for our sector to collaborate closely and share best practice and experiences as the legislation is tested in a legal and practical sense.

“The BBA remains committed to supporting its members in their ongoing efforts to comply with the Act and is mindful that the anti-bribery responsibilities of banks do not stop with the implementation of the UK Bribery Act alone. This guidance focuses on the very important area of helping banks assess the policies and procedures they need to put in place to meet the requirements of the Act, and also considers the links with other requirements such as FSA regulations. “

“The guidance does not seek to provide a detailed analysis of pre-existing regulatory obligations to identify and assess bribery and corruption risks, but we are nonetheless active in this area. “

She said that next year the BBA will be undertaking separate work in relation to wider bribery and corruption risks, including the issue surrounding corrupt Politically Exposed Persons.

Also in the New Year, the BBA will hold an anti-corruption compliance workshop that will provide practical advice for assessing the risks faced by corruption and how to design an effective compliance programme in compliance with the Bribery Act 2010.