Thought Leadership Archives

Thought Leadership
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13 min read

What countries are high risk for proliferation financing?

How to assess geographic risks of proliferation financing

Regulated entities are required by law to carry out proliferation financing (PF) risk assessments. But this relatively new compliance requirement can be hard to fully integrate into your risk assessment process. At first glance, proliferation financing risks are mainly concerned with activities carried out in North Korea and Iran. If your business doesn’t have a connection with either of these countries, then it might seem there is little more to do in a proliferation financing risk assessment.

But in reality, proliferation financing risks are connected to more countries than just North Korea and Iran, and firms should factor this into their risk assessment processes. However PF risks are constantly evolving. As global concerns on the proliferation of weapons of mass destruction (WMD) evolve, it is vital to broaden the risk assessment process to ensure your firm is not caught out.

Compliance Guides Sanctions Thought Leadership
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2 min read

New guide: Navigating the Russia-Ukraine War Two Years In

Download your free guide to the latest developments in sanctions on Russia and what your firm needs to do to stay compliant

The field of economic sanctions has been growing increasingly complicated in recent years. The past year was a historic and transformative period for the use of financial sanctions on both the global and UK levels. Western nations launched an unprecedented line of sanctions against Russia and Russian companies, and also against Russia’s ally Belarus, in response to its February 2022 invasion of Ukraine. With the war showing no end in sight, sanctions and penalties for non-compliance are only continuing to ramp up.

All businesses, both regulated and unregulated, must comply with financial and trade sanctions and companies must be able to prove that they are properly screening for sanctions. Failure to comply with screening requirements can carry stiff penalties reaching into the millions per infraction and remember that there’s strict liability when it comes to sanctions so any sanctions breach, even accidental, is a crime.

Thought Leadership
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3 min read

Understanding the EU AI Act – A guide to the world’s first comprehensive AI regulation

Download your free guide to learn how it will impact your company

In recent years, artificial intelligence (AI) systems have become increasingly common in both business and daily life – with many people not even fully aware that AI is changing the way they go about their day. From virtual assistants to online shopping to driving to streamlining production processes, AI is powering so much of what we do.

In December 2023, the EU’s three branches – the European Parliament, the Council of the EU and the European Commission – reached a provisional agreement on the EU’s proposed Artificial Intelligence Act (AI Act). Once it passes – it hasn’t been fully approved yet – it will be the world’s first comprehensive legislation on AI and could set a standard for laws enacted in other parts of the world.

Upcoming webinar: Caring for carers at work

Wednesday 20 March 12pm UK

There are around 3 million unpaid carers in the UK, and more than one in seven people in any workplace is a carer. Unpaid carers’ work is often painful and exhausting, and a workplace that supports all its staff should also support carers.

The Carers Leave Act became law in 2023 and gives employees a statutory right to a week’s unpaid leave to care for a dependent. Show the carers among your staff that you value them as employees and recognise their unique challenges by making sure your organisation is a supportive place for carers.

In this free webinar, VinciWorks experts will explore what the Carers Leave Act means, its obligations to employees and employers, and how to make your organisation a supportive and welcoming place for carers.

The webinar will cover:

The experiences of carers at work
The Carers Leave Act’s new regulatory obligations on organisations
The unique needs of carers
How workplaces can build a supportive environment for carers
Understanding the challenges that carers face

Train your entire organisation on fraud prevention

Preventing fraud and unethical business practices is a constant challenge for any organisation. The key to prevention is recognising red flags and having the necessary protocols in place to ensure business integrity. Our fraud and fair competition courses offer a comprehensive look into the critical issues surrounding fraud prevention, fair competition, and ethical business practices. The training empowers individuals and businesses alike to uphold fair competition and integrity in all aspects of their operations.

With our in-browser editing tool, you can now tailor any of the courses in real-time to reflect your organisation’s specific protocols for maintaining business integrity. Edits are clearly visible as you make them and results can easily be shared with your colleagues via a unique link.

Thought Leadership
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12 min read

The regulatory horizon. What does a Labour government have planned for compliance?

Consistent polls are showing that the Labour Party will be in for a 1997-style landslide come the next British general election, expected sometime in 2024. In the run up to the election, the Labour Party have been setting out their agenda for government. In this blog, we examine the likely regulatory priorities for government, and what this could mean for compliance.

Anti-Money Laundering Thought Leadership
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3 min read

VinciWorks’ AML Core Group continues to grow

Last week saw the third in VinciWorks’ successful series of AML core group meetings and the first of 2024. These meetings are an opportunity for AML professionals in the world’s leading law firms to come together to share ideas and best practice hosted and facilitated by the VinciWorks and Compliance Office team.

Impact of ECCTA

VinciWorks’ Business Development Director Tom Evans gave a recap of the Economic Crime & Corporate Transparency Act (ECCTA) and its impact on KYC processes for firms. ECCTA has brought the biggest ever changes to Companies House since its inception, giving it new powers to act as an active gatekeeper to check and reject company registration details. ECCTA also introduces reforms to how LLPs are managed. LLPs must now have a UK-registered office. Many of the core group members have set up working groups on ECCTA.

Thought Leadership
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4 min read

Collaboration vs. confrontation: AI’s regulatory future

How two recent news stories portray companies’ complicated relationship with AI’s evolving technology

It’s hard to predict what lies in artificial intelligence’s (AI’s) regulatory future for the simple reason that AI’s technology is constantly evolving. This means its issues, of bias or copyright or lack of transparency, to name a few will continue to shape the regulatory agenda for many years to come.

Two news stories highlight the complex relationship companies have with AI and the often circuitous path they will have to take to achieve some sort of control over this nearly unmanageable technology.

$10 million reward for anyone who can answer the question: where is Hamas getting its stolen money from?

Following earlier rounds of US sanctions on Hamas, the US is now offering up to $10 million for information on five Hamas financiers or anything leading to the disruption of the Palestinian terror group’s financial mechanisms, the State Department reported. The five Hamas financial facilitators under this reward offer are named as Abdelbasit Hamza Elhassan Khair, Amer Kamal Sharif Alshawa, Ahmed Sadu Jahleb, Walid Mohammed Mustafa Jadallah, and Muhammad Ahmad ‘Abd Al-Dayim Nasrallah.

Japan imposes new sanctions on Hamas members, US sanctions Houthis, and 7 tips for sanctions compliance in 2024

In a significant move, the Japanese government has announced fresh sanctions targeting three senior members of Hamas. Chief Cabinet Secretary Yoshimasa Hayashi revealed on Tuesday that the sanctions would include the freezing of assets and restrictions on payments and capital transactions involving the specified individuals. The decision comes in response to their alleged involvement in the October 7th attacks by Hamas on Israel, with concerns about their ability to use funds to finance further terrorist activities. The government believes that these individuals hold positions enabling them to utilise funds for supporting terrorist activities.

Meanwhile, just a few days later, the US Treasury Department imposed sanctions on individuals and groups accused of facilitating the flow of Iranian financial assistance to Houthi rebels in Yemen. These sanctions target key figures such as the head of the Currency Exchangers Association in Sana’a, Nabil Al-Hadha, and three exchange houses in Yemen and Turkey. These actions come in response to the Houthi rebels’ targeting of Israel and international shipping lanes since October 7. The measures, blocking access to US property and bank accounts, are part of a broader strategy to curb the illicit flow of funds to the Houthis, who have been conducting dangerous attacks on international shipping, further destabilising the region. The US, along with its allies, emphasises its commitment to targeting facilitation networks supporting the Houthis and their backers in Iran.