Monthly Archives: February 2016

CLMS update: consolidated group enrolment emails

One of the most powerful automation features in the VinciWorks Compliance Learning Management System just got better. Now, when enrolling group members in multiple emails, only one consolidated email gets sent – reducing inbox clutter.

What are groups?

Groups take most of the administrative burden out of determining who needs to be enrolled in which course at what interval. With groups users are automatically enrolled in the appropriate courses at the right time, based on predefined criteria.

Some useful groups that other firms are using:

  • Automatically enrol new hires in a series of inductee courses
  • Automatically enrol users in AML refresher courses every two years
  • Automatically enrol different departments in courses relevant to their departments

If you license CLMS pro or Enterprise and are interested in setting up or reviewing your current groups, contact us to set up a free training session.

Free guide: compliance training in a post CPD era

There seems to be a common misconception in the legal profession that the SRA’s changes to CPD hail the end of formal compliance training. Nothing could be further from the truth.

Compliance training on topics such as money laundering, bribery, diversity, data protection etc. remains mandatory irrespective of any CPD changes.

The SRA has reiterated on numerous occasions that changes to CPD will have no impact on other mandatory training required by legislative or regulatory bodies; nor will it affect industry best practice. For example, in the SRA’s money laundering guidance:

We have recently changed our approach to continuing competence, deciding to remove the requirement for a certain number of hours of CPD and allowing firms to arrange appropriate training at their own discretion. Anti-money laundering training and the policies that underpin it, remain a legal requirement as noted above, and firms should consider this as part of their continuing competence planning

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Modern slavery, bribery and corruption

VinciWorks attended a recent event hosted by Thomson Reuters titled Modern Slavery, Bribery and Corruption. The international panel included Nick Grono, CEO of the Freedom Fund, Dan Viederman, CEO of Verité, Duncan Jepson, CEO of Liberty Asia, Martina Vandenberg, Founder and President of the Human Trafficking Pro Bono Legal Center and Mike Harris from World-Check.

The panel – which coincided with the publishing of two new reports: Modern Slavery and Corruption and An Exploratory Study on the Role of Corruption in International Labour Migration – focused on the relationship between modern slavery and corruption. The discussion provided an overview of the current legislation around the world, including the Foreign Corrupt Practices Act, which has been used effectively in the United States to prosecute human traffickers.

The key takeaway from the discussion was that slavery can only take place when corruption is present. At some stage in the process, someone must turn a blind eye, pay a bribe or falsify records to facilitate human trafficking or forced labour. Organisations should never be able to say “we were not aware” because the warning signs and the records of corruption are almost always there to be found. Continue reading

Hochtief AG admits to insider trading contravention

ASIC has started legal action in the Federal Court of Australia against German construction group holding company Hochtief Aktiengesellschaft (Hochtief AG), seeking a declaration of contravention and a financial penalty order against the company for insider trading.

ASIC’s action centres on the early 2014 on-market acquisition of ordinary shares of Leighton Holdings Limited (now called CIMIC Group Limited) (ASX code: LEI) by Hochtief AG’s subsidiary, Hochtief Australia Holdings Limited (HAHL).

ASIC alleges that Hochtief AG contravened the insider trading provisions of the Corporations Act by procuring HAHL to acquire LEI when, on, 29 January 2014, it varied previous instructions to acquire a large parcel of LEI (by pushing out the last day to purchase the shares from 31 January 2014 to 14 February 2014) while it was in possession of insider information, being that Leighton Holdings Limited’s 2013 financial results were likely to be at the high end of previous earnings guidance.

Hochtief AG has admitted the alleged contravention.

Read the full press release