We are excited to announce that Omnitrack, our compliance-focused data collection tool, is now integrated with Zapier, the premier platform that seamlessly connects over 5,000+ web applications. This integration is poised to enhance your regulatory compliance processes by facilitating effortless data collection and automated workflows, all without the need for IT expertise.
How can the Omnitrack-Zapier integration help your business?
1. Remove the need for IT involvement
With Omnitrack and Zapier, you can set up integrations between your apps without the need for IT involvement. You can connect Omnitrack to your other applications with just a few clicks, streamlining your workflows and saving time.
The Solicitors Regulation Authority (SRA) has announced that its mandatory diversity survey will be due in the summer of 2023. The SRA will open the survey on 26 June when they will email firms with a link for reporting.
The SRA has given a reporting period of four weeks – the deadline is 23 July 2023. Firms should have received an email on 18 May with information on reporting.
Which size firms are required to report diversity data?
All firms, of any size, even sole practitioners will have to collect and report the data to the SRA. However, in-house lawyers will not need to report.
How do firms collect the SRA’s diversity data?
In order to make this mandatory report to the SRA, firms will need to collect diversity data, based on a questionnaire, from all staff. The firms will then have to collate the data and organise it by specific job roles before submitting it to the SRA.
Omnitrack’s end-to-end AML client onboarding solution has launched a strategic partnership with Thirdfort, a leading know-your-customer and anti-money laundering platform.
Thirdfort utilises real-time access to government registers around the world and best-in-class Ultimate Beneficial Owner (UBO) discovery. Over 950 businesses already rely on Thirdfort to carry out their AML checks.
The partnership between VinciWorks and Thirdfort will help to ensure that firm-wide client onboarding processes stay centralised within one system (Omnitrack), without the need for multiple applications to complete the onboarding process.
“Partnering with Thirdfort creates an end-to-end client onboarding experience, with ID verification seamlessly integrated with Omnitrack’s AML workflows. This is a leading solution for UK and international law firms that is more comprehensive and elegant than anything else on the market. We look forward to continuing work with the Thirdfort team as our products grow together.”
Josh Goodhardt, CEO at VinciWorks
About Omnitrack’s AML onboarding solution
VinciWorks’ AML client onboarding solution facilitates a seamless onboarding experience for organisations of all sizes. Our solution provides regulatory confidence through up-to-date guidance and best practice. Use our centralised platform to conduct risk assessments, client due diligence (CDD) and ongoing monitoring on your clients.
To learn more about how we can help you with your client onboarding compliance, complete the short form below and someone will get in touch.
What are the implications for firms that fall short?
You conducted your customer due diligence (CDD) when you onboarded your client. It’s all part of your effort to stay compliant with Know Your Customer (KYC) and Anti Money Laundering (AML) regulations.
But the regulations are constantly changing, your client’s circumstances are evolving and the implications for making a mistake are getting increasingly high. You need to keep track of the changing risks. You need to stay on top of compliance requirements to avoid exposure to financial crime and penalties.
It is no longer sufficient to do your due diligence at onboarding and in periodic intervals.
Firms need to perform ongoing monitoring for AML to capture any developments, update customer profiles and keep track of the changing risks.
As regulations are tightening and the risk landscape is continually evolving, firms are facing increasing pressure to make sure that their Anti Money Laundering (AML) compliance programme is effective. Beyond the implications of fines or damage to reputation is the very real danger of disruptions to operations and in particular criminal liability.
It’s critical for firms to assess if their AML framework is strong and robust enough to prevent and detect instances where the business can be manipulated to clean money or to finance terrorism.
An independent audit provides this assurance and enables the firm to address issues before they become a problem or are detected by the authorities.
What are SLAPPs (Strategic Lawsuits Against Public Participation)?
SLAPPs (Strategic Lawsuits Against Public Participation) are lawsuits that are filed with the intention of silencing, intimidating, or punishing individuals or organisations for exercising their right to free speech on matters of public concern. These lawsuits are often brought by private parties, such as corporations or individuals, against individuals or organisations that have spoken out against them or their activities.
Sometimes, the goal of bringing a SLAPP is not necessarily to win the case, but to burden the defendant with the cost of litigation and the stress of defending themselves, ultimately discouraging them from speaking out.
SLAPPs are often used by corporations, politicians, or other powerful entities against individuals, activists, or grassroots organisations who are speaking out on issues such as environmental protection, civil rights, or consumer advocacy. SLAPPs can take many forms, including defamation lawsuits, harassment suits, and even lawsuits filed under the guise of intellectual property infringement.
The SRAs new warning notice on SLAPPs
Recently, the SRA issued a new warning notice on SLAPPs, in response to reports that solicitors are bringing allegations without merit at the behest of wealthy clients to stifle freedom of expression and prevent the media from reporting on issues of public interest such as academic research, whistleblowing, campaigning or investigative journalism.
The warning notice makes clear that acting in this way would constitute a breach of a number of SRA Principles and Rules in its Code of Conduct for Individuals and Firms.
Conflicts of interest in the workplace can be difficult to pin down, and can cause significant confusion in terms of knowing what to report, when and how. We recommend taking these key steps in order to form comprehensive conflicts of interest reporting system.
Using conditional descriptions to offer translations
Multi-national businesses regularly send forms to suppliers, clients, staff and contractors across the globe. The challenge is ensuring that each end user is seeing the form that is most relevant to their role, jurisdiction and, of course, their native language. Most businesses have tried to tackle this by either sending a list of forms for them to choose from or preparing multiple forms and sending the one most relevant to each user. But there is a better way. With Omnitrack’s versatile conditional logic, you can easily build each language into the form.
How to use conditional descriptions for translations
Step 1: Add a drop-down question
Click “Add question”
Select “Drop down”
Create a “Select your language” drop down
We recommend setting a default value. If most of your end users’ language is English, make English your default value.
Law firms are required to conduct risk assessments, client due diligence (CDD) and ongoing monitoring on their clients. The precise processes for CDD and risk assessments are often complex and vary greatly, depending on industry and jurisdiction.
What is the problem?
The Fourth Money Laundering Directive, which came into force in 2017, introduced a heavy emphasis on employing a risk-based approach to money laundering. This puts a certain degree of the onus of identifying and prioritising risks on law firms. Firms often struggle with systemising risk scoring and ensuring high-risk clients are automatically flagged based on their scores. Being able to define your firm’s own scoring system will help ensure firm-wide consistency and that nothing falls through the cracks.
How do we solve it?
In our latest update to the anti-money laundering onboarding solution, we’ve added a new function which allows users to create dynamic scoring fields in their forms, enabling them to add/multiply/divide/subtract the value of two or more fields. For example, you can now add scoring to the risk assessment section of your client’s onboarding form. A risk score can then be automatically calculated for each risk area. Lawyers can assess their prospective client’s risk level, with the MLRO or Compliance Officer being able to easily review risk scores, and update the scores should they deem it necessary. Note, our AML onboarding clients receive a bespoke system that will come built with the risk scoring feature already enabled.
Omnitrack, our reporting and tracking solution, is continuously being updated and improved to bring the best experience to our end-users. In our latest update, we’ve added a new field type which allows users to create dynamic scoring fields in their forms, enabling them to add/multiply/divide/subtract the value of two or more fields. For example, you could create a risk assessment form that asks a series of risk-related questions and generates a score based on a user’s responses.
How to calculate risk scores with Omnitrack
Step 1: Add a scoring field
Add a scoring field to your form by:
Clicking “Edit form”
Click “Add question”
Scroll down to the complex field section and select “Scoring field”.