The Economic and Financial Affairs Council of the European Union (ECONFIN) adopted the 6th Directive on Administrative Cooperation (“DAC6”) requiring tax intermediaries to report certain cross border arrangements.
The new EU rules which aim to clamp down on aggressive tax planning are set to impose a huge compliance burden on taxpayers and their advisers, potentially even in circumstances where there is no tax benefit at all.
VinciWorks’ DAC6 course, DAC6: Fundamentals, will help all entities who may be considered tax intermediaries develop an understanding of DAC6. The course follows a flow-chart navigation and includes example scenarios to help users understand DAC6. VinciWorks also offers a DAC6 reporting tool to help intermediaries easily keep track of and report cross-border transactions.
Compliance with the General Data Protection Regulation (GDPR) is an ongoing process. Organisations should regularly review and update their policies and data collection processes, as well as take training. The best way to refresh staff’s knowledge is to enrol them in a new course around once a year, rather than simply ask them to take the same course they took a year ago. As we approach a year since GDPR came into force, VinciWorks will be adding a new course to the GDPR training suite that includes both refresher training and advanced modules.
How does the course work?
The recommended use of GDPR: A Practical Overview is to put all staff through the basic six modules, and to add advanced modules to specialised staff in certain departments. However, the course can be customised to provide any number of modules in a variety of combinations depending on your industry and data protection training needs.
Periodic phishing training reduces the risk to your organisation
Data from 16,000 completions of the VinciWorks Phishing Challenge shows that 15% of users are at high risk of falling for a phishing scam. That risk level dropped to 5% for users who completed at least two challenges.
VinciWorks has released Phishing Challenge 3.0 with a brand new set of emails to reinforce phishing education. In this simulation, users are presented with a series of suspicious emails and must identify red flags.
VinciWorks has released a new course as part of our “Know Your Compliance” series. Antitrust Law: Know Your Market is a scenrio-based course that presents the user with a set of realistic characters and scenarios from all walks of life, some of whom may be trying to engage in anticompetitive practices. It is up to users to assess the risk of each situation and decide on the best course of action based on company procedures and the law.
Following a successful 2018 that saw over 420,000 course completions, we are excited to present our tentative plan for our new course releases and updates planned for 2019. Every year, VinciWorks plans its course schedule based on a combination of client feedback and prevalent compliance issues. Based on this, we are planning to release training on the SRA Standards and Regulations, DAC6, GDPR, cyber security and more. VinciWorks has also added several US-focussed compliance courses.
Note: this is a tentative schedule and is subject to change as we continuously review the compliance training needs of our clients.
Organisations have a responsibility and a legal obligation to comply with competition law and ensure staff have proper training on the topic. Competition Law: Know Your Market drops users into a set of immersive scenarios that test their knowledge, understanding and ability to comply with the Competition Act 1998 and the Enterprise Act 2002.
The new Market Rules courses contain interactive scenario questions to test users’ understanding of the law
VinciWorks has released two new courses under the subject of Market Rules to help businesses train their staff and comply with complex competition law and market abuse rules. Coming against the backdrop of increasing enforcement action from the Competition and Markets Authority and the Financial Conduct Authority, VinciWorks’ new Market Rules courses will cover UK competition law and the European Union’s Market Abuse Regulations.
Competition Law: Know Your Market
Competition Law: Know Your Market drops users into a set of immersive scenarios to test their knowledge, understanding, and ability to comply with UK competition law.
The course is broken into short modules that cover different aspects of UK competition law, including price-fixing, cartels and meetings with competitors. Each module contains simulations of real business dilemmas with key learning points related to the scenario.
In October, it was revealed that banker Howard Wilkinson blew the whistle on Danske Bank in 2013, beginning a five year investigation on the bank. The concerns raised by Wilkinson helped uncover an alarming €200 billion in suspicious payments being made through Danske’s Estonian branch between 2007 and 2015.
The scandal, representing money laundering on a huge scale, threw a spotlight on European banks and their efforts to protect against fraud and precipitated renewed considerations of the effectiveness of regulators’ defenses. Further, the revelation challenged businesses to up their game in installing a culture whereby whistleblowing on suspicious or illegal activity is encouraged, with clear procedures for doing so in place.
The role of anti-money laundering whistleblowers
Whistleblowers are defined as those who expose information or activities deemed illegal or unethical. They have historically played an important role in helping banks protect the economic interests of the UK and clampdown on wrongdoing in the financial services industry. Whistleblowers who report suspicions of money laundering often have inside knowledge which is vital for fighting such crimes. However, blowing the whistle on such activities can often put them in a vulnerable position; they often know the subject, or subjects, of the allegations personally through their work and are put under pressure to remain silent on the information they hold that can incriminate their colleagues. While whistleblowers are protected by the Public Interest Disclosure Act 1998, making them immune from any repercussions, many feel at risk of personal retribution when making the report.