Category Archives: Thought leadership

Upcoming webinar: How to successfully implement an ESG programme

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Implementing an ESG programme can seem like a daunting task. From reporting methodologies to external ratings, there’s a lot to consider.

This webinar will go through the steps that any business can take to begin thinking about an ESG programme. Whether you have an extensive, carbon-heavy supply chain or are in professional services, ESG reporting doesn’t have to be complicated.

This webinar will cover:

  • How to start thinking about implementing an ESG programme
  • Which ESG reporting frameworks are relevant to your organisation?
  • How to classify existing initiatives under ESG
  • Why ESG programmes can be beneficial to any organisation
  • How to write ESG pages in an annual report

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DAC6 Malta: Deadline for annual notification by non-disclosing intermediaries

DAC6 legislation in Malta requires that an intermediary who is exempt from reporting in Malta (such as those who rely on legal professional privilege) must provide the Commissioner for Revenue with an annual updated situation including a list of the reportable cross-border arrangements that were not reported.

On 11 November 2021, the Maltese Commissioner for Revenue announced that the deadline for the notification needs to be submitted by 28 February 2022 for all transactions where the triggering event was met by 31st December 2021.

The annual notification form can be accessed here.

VinciWorks’ DAC6 Solution offers a tracking, auditing and reporting solution for all firms in Malta. Get in touch with us to see how Omnitrack can help ensure you are completing your reporting requirements.

On-demand webinar: COP26 and compliance – ESG after Glasgow

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The UK just hosted the UN Climate Change Conference, known as COP26. This summit is one of the most consequential climate events since the negotiation of the Paris Agreement in 2015 and was attended by world leaders, politicians, business chiefs, climate change campaigners and sustainability experts.

With increasing ESG regulations coming across the world, particularly on the environment, what will the international effort to tackle climate change mean for environmental compliance?

In this webinar, we dissect government and international commitments following the conference and discuss what that means for businesses working towards net-zero.

We were joined by James Alexander, Chief Executive of the UK Sustainable Investment and Finance Association. As well as the impact of COP26, we heard from them about ethical investing and how businesses can set themselves apart through net-zero commitments and ESG compliance.

The webinar covered:

  • Current environmental regulations for businesses and what might change
  • The impact of COP26 on compliance
  • How companies can work towards net-zero
  • Understanding ESG reporting and preparing for ESG regulation
  • Setting up an environmental compliance programme

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Free guide: Employment law in the post-Covid workplace – Trends and challenges for UK workplaces

One of the most tangible impacts of the Covid-19 pandemic has been the rapid change in working practices. While the pandemic is not necessarily over, widespread vaccine roll-out programmes have allowed many places to return, at least legally, to some semblance of normality.

There’s a lot to consider in the topic of employment law, with much potential for change. Many companies now have hybrid work policies. What else might change in the future? What will employment law look like in one year, five years, or ten? What will the impact of Brexit be? 

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How can the JMLSG guidance help FCA-regulated firms?

The Joint Money Laundering Steering Group has produced guidance on the prevention of money laundering for the UK financial sector. JMLSG’s Guidance is aimed at both firms: (i) in sectors represented by its members (comprising a number of UK Trade Associations) and (ii) regulated by the Financial Conduct Authority (FCA). 

There are a plethora of ways the guidance can assist those in the financial sector. However, two key areas are: providing an overview of the requirements for undertaking risk assessments and CDD. 

AML risk assessments 

Chapter 4 of the guidance is entitled the “Risk-based approach”, and sets out an overview on how to comply with certain obligations, such as: 

  • Identifying and assessing the risks of money laundering and terrorist financing which a business is subject to
  • Putting in place appropriate systems and controls to reflect the risks identified 
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Anti-money laundering compliance for FCA-regulated firms

Anti-money laundering could be any law, regulation or procedure designed to respond to the threat of money laundering. However, it can be hard to decipher the precise rules which you need to be aware of. This is because the AML policies and procedures which apply to your organisation will depend on a number of factors, such as the jurisdiction in which you are based, the customers you work with, and the products and services you offer. In this blog, we will focus on the AML rules which apply to the UK’s financial service firms and introduce the guidance produced specifically for this sector. 

The Proceeds of Crime Act 2002

The offences in the UK’s Proceeds of Crime Act 2002 (POCA) fit into two categories. First, are the ‘core’ offences that apply to everyone, and aren’t specific to the financial sector. These include:

  • Concealing or disguising criminal property
  • Removing criminal property from the jurisdiction
  • Acquiring, using or possessing criminal property
  • Entering into – or becoming concerned in – financial arrangements which you know or suspect involve criminal property

An arrangement concealing or transferring terrorist property could also be an offence under POCA. But this is explicitly prohibited under the Terrorism Act 2000

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DAC6 Update – November 2021

It has now been over 10 months since DAC6 has been in force in most EU member states and the UK. Here are some highlights from 2021.

DAC6 reporting

While reporting got off to a rocky start for some tax authorities, the teething problems are now over and tax authorities have begun reviewing the reports they have received. VinciWorks were in touch with many tax authorities, and here is a short reporting summary of a few key member states:

Germany: As of 11 October 2021, a total of 14,047 reports have been received and accepted by the Federal Central Tax Office (BZSt).

Finland: As of 15 October 2021, roughly 250 reports have been filed in Finland. The most frequently reported hallmark categories that have been reported are C and E.

Netherlands: As of 31 March 2021, there were 4,562 reports filed. 3,254 reports were from the original historic period. 1,042 reports were from the deferral period. 265 reports related to transactions from 1 January – 31 March 2021. 

Belgium: As of 22 March 2021, the Belgium Ministry of Finance received 535 reports.

Czech Republic: As of 12th October there were 141 DAC6 reports in the Czech Republic. The majority of reports were relating to Hallmark categories D1b, C1d and the E category.

Sweden: As of 30th June 2021, the Swedish Tax Agency received 486 reports. The majority of reports related to hallmark E2 and E3. 

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GDPR changes in the UK: reform of the ICO

The UK government is planning significant changes to the UK’s data protection regime. From re-orientating the Information Commissioner’s Office (ICO) to new ways for businesses to process data, these far-reaching GDPR reforms are set to have a significant impact on business. We covered these changes in depth in a previous article and webinar

High on the government’s agenda as outlined in their consultation is reform of the ICO – the Information Commissioner’s Office. This has been on the cards for sometime, with the government keen to align the ICO towards delivering the National Data Strategy. The Department for Digital, Culture, Media and Sport (DCMS) has outlined their proposed changes to the regulator.

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What happened at the first week of COP26?

New ESG regulations and net-zero commitments from Glasgow

COP26 is now entering its final week, but many major pledges have already been announced. The chancellor, Rishi Sunak, announced that most big UK firms and financial institutions will be required to publish their net-zero plans in line with the UK’s environmental disclosure framework: TCFD. With the ‘E’ part of ESG gathering significant attention at the Glasgow conference, it seems the UK is moving towards a regulated and mandated ESG disclosure framework. 

The announcement by the Treasury means companies will have to set out detailed plans for how they intended to meet the UK’s goal of net-zero by 2050. Commitments though will not be mandatory, and it will be up to firms and shareholders to decide how to adapt to a low carbon future. The requirement is on the publication of the plans, with the aim of letting the market decide which plans are credible. 

The Glasgow Financial Alliance for Net Zero (GFANZ) led by former Bank of England governor Mark Carney says more than $130trn (£95trn) of private capital “is now committed to transforming the economy for net zero.” In practical terms, this means financial institutions divest from highly polluting industries like oil fields and coal mines, and instead invest in renewable energy or provide a mortgage product that subsidises highly efficient homes.

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Signing documents made simple with Omnitrack’s new DocuSign integration

Omnitrack’s solution for easy eSignatures

DocuSign, the popular eSignature software that allows organisations to manage electronic agreements, allows users to sign documents anywhere from any device, with no need for overnighting, faxing or waiting. And with encryption and a complete audit trail, it’s more secure than paper!

In our recent update, we have now integrated Omnitrack with DocuSign. This valuable feature will enhance the compliance process in a wide variety of use cases, making signing documents with Omintrack extra smooth.

Add a ‘Sign and Submit’ button to your forms by integrating DocuSign
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