Category Archives: Thought leadership

Stay tuned for LMS innovations in 2020

Over the next few months, VinciWorks will finalise its Learning Management System development schedule for 2020. We aren’t yet able to share the full details of the new LMS developments but suffice to say, we are excited. What we can share is:

You should expect new and innovative features from the LMS in 2020.

Our LMS development process 

We are taking this time to meet with clients and users to deeply understand the challenges and opportunities that L&D and Compliance Officers face when delivering online training. 

Over the course of 2019, VinciWorks doubled the size of its technology team and hired a Chief Technology Officer with 25 years of experience. Under the CTO’s direction, we will support and develop the LMS and other learning and compliance technologies for years to come. 

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California Consumer Privacy Act 2018 – how to comply

The California Consumer Privacy Act (CCPA) comes into force in January 2020 and it is important to take steps to prepare for the new legislation. Since GDPR came into force, EU consumers have developed a greater awareness of their rights pursuant to the regulations, and expect businesses to comply accordingly. The same is bound to happen in the US as the introduction of new regulations, such as CCPA, will make consumers more aware of their rights and the importance of ensuring their personal data is not mishandled.

Be prepared for:

  • Hypersensitivity from consumers regarding how their data is used
  • A stream of communications from consumers in the months following the implementation of the Act
  • Consumers misunderstanding parts of the Act and making demands which exceed the scope of the Act
  • An expectation that consumer-facing staff know the details of the Act
  • An eagerness to take action against non-compliant businesses
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How will the 5th Money Laundering Directive affect cryptocurrencies?

Image showing bitcoins

The Fifth Money Laundering Directive is set to be transposed into national law by 10 January 2020. The core aim of the 5MLD is to address modern-day money laundering concerns that were not covered in the Fourth Directive. The main changes are focused on enhanced powers for direct access to information and increased transparency around beneficial ownership information and trusts. One of the challenges surrounding money laundering, which was far less of a risk when the Fourth Directive was being drafted, is cryptocurrencies.

What are cryptocurrencies?

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Today there are over 3,000 cryptocurrencies across the world, with Bitcoin being the first one to enter the market and the clear market leader.

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What is the California Consumer Privacy Act and who does it apply to?

Smart phone with a symbol of a padlock on it

California Assembly Bill No. 375, also known as the California Consumer Privacy Act of 2018 (the “Act”), was approved and passed on June 28, 2018 and comes into force on January 1, 2020. Here we attempt to dissect the CCPA 2018 and help establish who actually is required to comply with the Act.

Who does the Act apply to?

The Act applies to any business, partnership, company, corporation or other legal entity (“business”) operating for profit that collects personal information from consumers in the State of California, but only if one of the following applies to the business:

  • It acquires 50% or more of annual revenue from selling consumer information
  • It has gross annual revenue of $25m or more
  • It sells personal information belonging to at least 100,000 consumers

If a business meets one or more of the provisions above, it must comply with the Act.

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DAC6: Guidance on HMRC Reporting Requirements

Back in May 2018 the Economic and Financial Affairs Council of the European Union (ECOFIN) adopted the 6th Directive on Administrative Cooperation (“DAC6 Directive”). This new directive requires tax intermediaries to report specific cross-border arrangements. 

In July 2019, HMRC released their draft DAC6 legislation together with their consultation document. These documents indicate that HMRC intends to align its reporting requirements with the DAC6 Directive, and HMRC will require intermediaries to report any additional information. 

Download a guide to DAC6 compliance

Who needs to report?

Any entity that acts as an intermediary for a cross-border transaction involving an EU Member State may have an obligation to report this to HMRC or a different EU tax authority.

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Health and safety at work: How to conduct a workstation display screen equipment assessment

What is a display screen equipment assessment (DSE)?

The DSE Regulations require that, as well as providing a suitable workstation for their DSE users, employers must also take steps to protect workers from the health risks of working with display screen equipment (DSE), such as laptops, tablets and smartphones. Looking at these devices 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. It is vital for your long-term health to take DSE safety seriously, set up your workstation properly, and properly use all the equipment you need to do your job. DSE rules are there to protect you and your colleagues’ health.

Improper use of DSE is associated with neck, shoulder, back, arm, wrist and hand pain.

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DAC6 flow chart – Which transactions are reportable under DAC6?

DAC6 screenshot of interactive flowchart
Our DAC6 course, DAC6: Advanced, follows an interactive flowchart to help intermediaries fully understand their reporting requirements under DAC6

On 25 May 2018, the Economic and Financial Affairs Council of the European Union (ECOFIN) adopted Council Directive (EU) 2018/822, also known as the 6th Directive on Administrative Cooperation (DAC6), requiring tax intermediaries to report certain cross-border arrangements that contain at least one of the hallmarks defined in the Directive. The aims of DAC6 is to tackle tax evasion and avoidance, strengthen tax transparency and improve information sharing between EU Member States.

Count how many times you said the word “tax” this week. Easy? How about every time this month? Harder? All right, what about every time you said the word “tax” to a client in the last 18 months? Still confident about the number?

Now, think about every time that could have been construed as advice. What about doing transactions with other countries or thinking about tax planning measures? All of these instances might need to not only be remembered, but also recorded and reported to the national tax authority.

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SRA money laundering review – Firms not taking money laundering regulations seriously

Photo of British money

The SRA announced earlier this year that it would be launching a crackdown against firms who fall foul of money laundering procedures.

As an initial assessment, the SRA wrote to a sample of 400 out of the approximately 7,000 SRA-regulated firms required to comply with the Money Laundering Regulations 2017, asking them to demonstrate compliance with the regulation. The SRA was mainly checking that firms have a money laundering risk assessment and implementation plan in place. The assessment came in response to an increase in dirty money entering the UK and a lack of reporting of suspicious activity by lawyers and accountants, with lawyers often seen as an easy target for laundering money.

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The Fifth Directive and how it affects enhanced due diligence

The Fifth Money Laundering Directive is set to be transposed into national law by 10 January 2020. The 5MLD came about in response to terrorist attacks across the EU and offshore leaks investigated in the Panama papers. It addresses modern day money laundering concerns that were not sufficiently covered in the Fourth Directive. The core aim of the 5MLD is to address modern day money laundering concerns that were not covered in the Fourth Directive. One of the key changes to money laundering regulations that the Fifth Directive will bring is that Member States will have to implement enhanced due diligence (EDD) measures to monitor suspicious transactions involving high-risk countries more strictly.

How will the Fifth Money Laundering Directive affect enhanced due diligence?

The Fifth Directive will require enhanced due diligence when dealing with transactions from high-risk countries. As well as obtaining evidence of the source of funds and source of wealth, information on beneficial ownership and the background of the intended transaction must also be recorded. The EU may also designate a ‘blacklist’ of high-risk countries for money laundering.

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What are the main health and safety laws in the UK?

Failure to comply with health and safety laws can result in both civil and criminal penalties. As an employer, if someone has an accident at work or is made ill, a health and safety regulator can prosecute that employer for a criminal offence, and / or the person who was injured or made ill can make a civil claim for damages. No one has to be harmed for a health and safety offence to occur. The risk of harm is enough for an offence.

Legislation

The Health and Safety at Work etc. Act 1974

This law sets out the framework for managing workplace health and safety in the UK.

The act defines the general duties of everyone from employers (section 2) and employees (section 7,8) to owners, managers and maintainers of work premises (etc) for maintaining health and safety within most workplaces.

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