How you feel on any given day can be caused and influenced by so many different factors. Work is often one of the most significant of those factors. Stress is often a part of the job, and in small amounts, stress can even be a positive thing. High amounts of stress over a long period of time, however, can be very damaging to your mental and physical health, as well as your overall wellbeing.
VinciWorks will soon be releasing a new mental health course. This course is designed to give users an understanding of some of the causes of stress at work, what can happen when it’s not dealt with, and how employees and employers can help reduce unnecessary stress and improve wellbeing at work.
On 10 January 2020 The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 came into force. This statutory instrument updates the UK’s existing anti-money laundering legislation to take account of the Fifth Directive. With the UK due to exit the European Union just three weeks after, what will the future of money laundering regulation look like?
In this webinar, our experts gave guidance on the application of the Fifth Directive in the UK and what to watch out for in the post-Brexit UK money laundering regime.
The webinar covered:
What will the future of money laundering regulation in the UK look like?
What are the key changes under the Fifth Directive?
Omnitrack is a centralised reporting and tracking tool that replaces traditional, yet outdated data management processes such as emails, spreadsheets and long PDF and Word forms. It allows anyone to identify a risk, complete staff surveys or carry out reporting requirements. Compliance managers can then easily track and analyse incoming data. Collecting and storing data relating to all areas of compliance in a central portal adds structure, efficiency and transparency to the compliance process.
VinciWorks has made several updates to the Omnitrack form builder to make using our data collecting and reporting tool even easier and more efficient.
What is the Omnitrack form builder?
Rather than spending hours creating and sending out long and tedious Microsoft Excel, Word or PDF forms, the Omnitrack form builder allows administrators to easily build forms with conditional logic. All the data collected from the forms can easily be aggregated into charts that are updated in real-time.
The main advantages of using our form builder to create questionnaires and surveys as opposed to Excel or similar systems are:
Choose from a host of form templates that can easily be customised
Use conditional logic to build a dynamic form that contains only the questions relevant to each individual completing the form
Easily duplicate forms and edit them so you don’t have to start from scratch
Seamless collaboration between admins so that all collected data appears in one central portal
Capture all edits to the form in our “audit trail” so you can revert back to a previous version of the form
All data collected stays in one central location and is updated in real-time. This means that all reports will always be up-to-date
The UK’s final DAC6 legislation was adopted by Parliament on 13 January 2020. Significant amendments have been made to the UK’s legislation based on the feedback from the 11-week consultation phase that the HMRC carried out last summer. The final UK legislation takes a much more proportionate interpretation of the EU Directive than the previous draft.
Here is a summary of five key amendments you should be aware of:
HMRC amended the penalty regime to ensure it is proportionate and flexible enough to deter non-compliance while at the same time not penalising cases where genuine mistakes were made.
DAC6, the 6th Directive on Administrative Cooperation, requires taxpayers and their advisers (“intermediaries”) to report details of certain types of cross-border arrangements to HMRC. Arrangements are reportable if they contain certain characteristics (“hallmarks”) that could be used to avoid or evade tax. Just because a transaction is reportable under DAC6 it does not always mean that it is not tax-compliant.
The Fifth Money Laundering Directive has now been transposed into UK law. Does your organisation have everything in place to ensure it is complying with the Fifth Directive? Do you have the latest policies and anti-money laundering training in place? VinciWorks’ anti-money laundering resource page provides helpful tools that can be used by entire organisations to help ensure compliance.
The Fifth Anti-Money Laundering Directive (2018/843) is in force as of 10 January in the UK and around the European Union. The changes are not as extensive as those that were introduced in the Fourth Directive, such as the concept of risk-based due diligence, but the Fifth Directive will impact an increasing number of businesses who must now have regard to money laundering laws.
While we do not recommend that companies or law firms that regularly train on AML (every 12–18 months) make any significant changes to their training schedule, staff should still be made aware of how the changes could affect their role and responsibilities.
To help organisations educate their staff on what the Fifth Directive means for them, we have created a customisable PowerPoint presentation on the changes in anti-money laundering regulations in the UK. The presentation can either be sent to your colleagues or used as instructor-led training.
The Fifth Money Laundering Directive comes into force on 10 January 2020. All VinciWorks courses have been automatically updated to ensure that they reflect the latest regulations across all relevant jurisdictions.
There is no technical impact for any of our existing clients whether on the LMS or SCORM.
All course enrolments, both in-progress and all new enrolments will be updated for the Fifth Directive.
After an extensive review of the new regulations, we have concluded that the training impact for most regulated businesses in the UK is minor. As a vanguard in the fight against money laundering and terrorist financing, the UK already implemented many of the provisions of the Fifth Directive in 2017. For example, the Fifth Directive requires enhanced due diligence for transactions involving high-risk countries, a requirement that already exists in the Money Laundering Regulations 2017. The Fifth Directive also introduces new requirements for cryptocurrency, letting agents and art dealers but these requirements do not affect most regulated businesses.
We regularly carry out updates to our reporting tool, Omnitrack, to make it easier for administrators to build forms, collect data and analyse that data. One of our biggest developments to date is the addition of a library of best-practice templates covering GDPR, DAC6, health and safety, whistleblowing and more.
What is Omnitrack?
Omnitrack is a reporting and tracking tool that helps businesses shape their culture to encourage all employees to engage in the risk management process. It allows anyone to identify a risk, with high priority issues escalated to the risk management team. Omnitrack replaces traditional, yet outdated data management processes such as emails, spreadsheets and long PDF and Word forms. Collecting and storing data relating to all areas of compliance in a central portal adds structure, efficiency and transparency to the compliance process.