On 21st November, the Trump Administration increased its sanctions on North Korean leader Kim Jong Un. The ban will affect trading regulations with North Korea or connected entities and it is important for business to keep track of sanctions and ensure their sanctions policy is up to date.
VinciWorks has recently created a free sanctions policy template that can easily be edited to suit your organisation, industry and staff, as well as remain relevant with all the current sanctions in place.
You can download the sanctions policy template for free by clicking on the button below.
Download sanctions policy template
Almost all UK legislation, such as GDPR, the Criminal Finances Act 2017, the Money Laundering Regulations 2017 and the Bribery Act 2010, has extra-territorial reach. It is therefore critical to an international business’ global compliance plan that all staff are made aware of the laws, wherever they are and whatever language they speak. Failure to show that your staff across the globe have undergone the correct training can result in large fines and a damaged reputation.
Users can change the language of their course at the click of a button
Cryptocurrency and the blockchain: What’s the AML risk?
VinciWorks has just added a new module to its course AML 360°. The module explains what is meant by cryptocurrency and blockchain and the compliance challenges they present. The module also explores the money laundering risks that come with cryptocurrency, as well as preventative measures.
The new module helps organisations understand the risks presented by cryptocurrencies such as bitcoin
The Money Laundering Regulations 2017 require relevant businesses to:
- Make employees aware of the laws relating to money laundering and terrorist financing
- Regularly provide training on how to recognise and deal with transactions and other activities which may be related to money laundering or terrorist financing
What is a relevant business?
Money laundering regulations apply to various business sectors, including financial services, accountants and estate agents, and other businesses such as law firms undertaking regulated work.
The General Data Protection Regulation comes into full force on 25th May 2018
There are now less than six months to go until GDPR implementation, when it becomes law throughout the EU, including the UK. Any business operating in the EU, serving EU customers or shipping orders inside Europe will need to comply.
From training staff to rewriting privacy policies, there’s a lot that needs to be done to ensure your business is ready for GDPR. If you’re in the UK, the new Data Protection Act will form the basis of data protection law. However, ensuring your business is ready for GDPR will also ensure you are ready for the new Data Protection Act.
What is in the new UK Data Protection Bill?
Along with transposing GDPR into UK law, the Bill will replace the UK’s DPA 1998 and ensure that data protection law remains Brexit-proof. Continue reading
One of the latest features added to our LMS is the ability to access administration tools from the activity screen. Simply click on an activity from your calendar or list, then use the scroll-down on the top-right of the activity screen to carry out activities such as enrol users, invite groups or view the attendance list.
VinciWorks has just added a new feature to their LMS to help users manage tasks more efficiently. Users can now easily browse their calendar by clicking on “offline activities” and then “browse calendar of activities”. Users can easily view a list of the activities by clicking on “switch to list” above the calendar.
The new function makes it easier and faster for users to view their activities in a calendar format
VinciWorks has just added a new module to the course Data Protection: Privacy at Work. The new module explores and contrasts data protection legislation in countries around the world. This new module consists of an interactive guide to global data protection, whereby users can easily lookup the answers to a range of questions they may have about the data protection laws in various countries. This allows businesses to easily familiarise themselves with the data protection laws in any country they operate in and ensure they comply.
With today marking Transgender Day of Remembrance (TDOR), our recent publication in Money Laundering Bulletin examines the struggle transgender people go through when it comes to changing a name and title at establishments such as a local bank.
Changing name and title in the UK should be as easy for the transgender bank customer as for someone who marries or enters a civil partnership but too often it is not. Annoying, if not hurtful to the individual, the obstacles encountered represent reputational and possible legal risk for financial institutions.
We have recently launched a new risk-focused course based on new EU and UK AML laws.
Anti-Money Laundering: Know Your Risk drops users into a realistic, immersive scenario-based simulation to test their knowledge, understanding and ability to uncover the risks of money laundering hidden in everyday transactions. The Fourth EU Money Laundering Directive and the UK’s Money Laundering Regulations 2017, passed this year, mandates a fully risk based approach to AML. This means the white list has gone, as have exemptions from client due diligence procedures.
As a long-standing leader in the field of e-learning, Anti-Money Laundering: Know Your Risk asks users to assess the inherent risks and red flags of over 100 available scenarios and give each situation a risk score. Uniquely in e-learning, users receive live feedback and can compare their risk tolerance against others in their firm, industry and globally.
Demo the course
Gain experience points as you take the course
The new course enables users to accrue experience points as they work through various AML scenarios. Veteran users will gather experience points more quickly, updating their knowledge and completing the course in as little as fifteen minutes. Whereas newer users or those that need a more in-depth refresh are encouraged to spend more time reading additional content and building up a bank of points to demonstrate their AML knowledge.