EU AML legislation requires law firms to conduct client due diligence before they are allowed to advise their clients. Firms are also required to keep such information up to date.
Some firms are still conducting client due diligence (CDD) via lengthy Word, PDF and Excel forms. Entries are then stored in spreadsheets, making it difficult to keep track of such reports, ensure correct courses of action are taken, update details and ensure any red flags are either resolved or escalated. Spreadsheets are limited by their two-dimensional nature, lack of automation tools and lack of security.
The DSE Regulations require that employers provide their staff with a suitable workstation, as well as taking steps to protect them from the risks of working with display screen equipment. Using DSE (i.e. PCs, laptops, tablets and smartphones) for extended periods or using them incorrectly can result in fatigue, eye strain, upper limb problems, back and neck problems, repetitive strain injury, stress, headaches and more.
The UK continues to take steps to re-open the economy following lockdown in the first half of the year. The government is encouraging companies to get back to the office and people back into shops, bars and restaurants, helped in part by the Business and Planning Act. However, government guidelines state that employees and visitors should not visit an office if they or a member of their household are showing symptoms of coronavirus.
As businesses are looking to return to as close to “normal” as possible, it is important to ensure you take all appropriate actions to mitigate the risk of a coronavirus outbreak in the office. This requires that a register be kept of all visitors to the office and that visitors confirm that they are following these guidelines.
The spread of COVID-19 can be mitigated by ensuring visitors to the office:
Have not been overseas in the past 14 days
Have not been exposed to a known case of COVID-19 in the past 14 days
Are not showing symptoms of COVID-19 including fever, respiratory symptoms (coughing, sore throat, shortness of breath), or loss of taste or smell
In March, we hosted a live demo of our reporting solution where we covered the core features of our DAC6 reporting software. Since then, the system has evolved to help businesses solve all the challenges presented by the complex Directive. Even if you have seen a demo of the product in the past, now is the time to get up-to-date with the implementation process.
Here are just some of the updates we have made:
Enhanced workflow with country-by-country guidance
Ability to report in multiple jurisdictions
New graphical customisable dashboards
In this webinar, we covered the core features of our software, new features that have recently been added and give guidance on how businesses can use it to report transactions. This webinar is suitable for both those who have attended previous demos and those who are less familiar with our system.
VinciWorks’ Omnitrack reporting tool is used to manage sensitive compliance data, such as DAC6 reporting, GDPR and annual declarations. The security of this data is maintained through multiple layers of encryption and cyber security controls. These measures are audited on a regular basis by an independent penetration tester.
In addition, VinciWorks enables clients to take full control of their data by offering multiple hosting options:
Comprehensive intelligence that adapts to the nature and reporting country of the arrangement
Attempting to determine whether an arrangement should be reported under DAC6 is not simply a matter of reading the Directive or the Hallmarks. Each EU member state has transposed DAC6 into local law, many times with slight modifications.
VinciWorks’ DAC6 reporting tool features built-in workflow rules and expert knowledge for every member state. These workflows are available out-of-the-box and require no configuration.
The DAC6 reporting tool:
Provides country-specific guidance for every member state in English
Includes translated versions of some key government documents
Adapts the workflow to each member state’s requirements
Prompts the user to add local translations of the arrangement details where needed
Detects when domestic transactions should be reported
Is ready for automatic reporting in multiple jurisdictions with built-in XML schemas
Any company that undertakes international tax arrangements could be affected by DAC6. Reports may be made by professional advisers, known as “intermediaries”, that advise on the arrangements, but where an arrangement is organised in-house or the intermediary cannot report for another reason, the responsibility falls on the taxpayer to file their own report.
VinciWorks has been in close consultation with HMRC, other tax regulators and over 100 leading international firms to establish the implications of the EU Directive and build a reporting solution to help businesses comply.
In this webinar, we covered the core features of our software and shared guidance on how international businesses can use it to report and track transactions.
DAC6 is a European regulation aimed at reducing international tax evasion and promoting transparency. DAC6 requires lawyers, accountants, tax advisers, bankers and other “intermediaries” to report some aggressive cross-border tax arrangements. These “mandatory disclosure requirements” (MDRs) are relevant for tax transactions that cross EU borders in which it seems that the primary purpose of the transaction is a tax advantage.
In order to integrate Omnitrack into other systems, a robust API is required on both ends. Data needs to be automatically inputted into Omnitrack and data should be easily exported.
In addition to exporting data to Excel, PDF and CSV, Omnitrack allows data to be exported in XML format in order to integrate with other systems.
Example: integrate DAC6 reporting with tax authorities
DAC6 requires tax lawyers, accountants and tax advisers to report certain tax arrangements to local European tax advisers. This process can be automated and streamlined with Omnitrack. In order to report a DAC6 transaction, the data must conform to the tax authority’s “schema”. Omnitrack automatically manipulates the XML file to fit each tax authority specifications.