VinciWorks partners with Thirdfort for AML client onboarding solution

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

Ongoing Monitoring for AML

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.

On-demand webinar: UK Mandatory Disclosure Rules (MDR) – In conversation with HMRC

On-demand webinar: UK Mandatory Disclosure Rules (MDR) – In conversation with HMRC

Broadcast Wednesday 15 February

In November 2022 HMRC released the summary of responses from their consultation on the UK’s Mandatory Disclosure Rules (MDR).

The consultation clarified that:

  1. The historic lookback period will go back to 25th June 2018 (and not 29th October 2014 as originally stated).
  2. Reporting will be via XML only.

With UK MDR expected to come into force in the first half of 2023, Vinciworks was joined by John Sandeman, HMRC’s policy official for Mandatory Disclosure Rules, who helped our listeners get to grips with the UK MDR and how it may impact your organisation.

The webinar covered:

  • What are the key differences between UK DAC6 and UK MDR?
  • Who does UK MDR apply to?
  • Who is required to report under UK MDR?
  • How will VinciWorks be supporting UK MDR?

Watch now

Ongoing monitoring and AML – How important is it?

Ongoing monitoring and AML – How important is it?

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.

Continue reading

Barclays probed by UK financial watchdog over AML failings

Barclays probed by UK financial watchdog over AML failings

The AML crackdown continues, this time targeting one of Britain’s biggest banks

The UK’s Financial Conduct Authority (FCA) has launched an investigation into Barclays for suspected ongoing failings in compliance and anti-money laundering (AML) systems.

The Financial Times reported that the FCA issued a notice last spring requiring an independent review of the bank’s financial crime detection and prevention systems. The review was triggered by concerns over the amount of know-your-customer (KYC) and AML cases at Barclays.

Continue reading

Upcoming webinar: Supplier onboarding — Sanctions, AML and regulatory trends

Wednesday 1 March, 12:00pm (UK)

Supplier onboarding has become increasingly challenging and complex in recent years. A major factor that has contributed to this situation is the ongoing conflict in Ukraine, which has resulted in heightened security concerns and economic instability, making it more difficult for companies to manage their supply chains.

In addition to the ongoing conflict in Ukraine, new legislation and regulations have been introduced to tighten restrictions on oligarchs and their illicit gains. This has resulted in increased scrutiny of suppliers, making the onboarding process more comprehensive and time-consuming. Furthermore, new jurisdictions like Turkey and the UAE have been grey-listed by the FATF for money laundering, which has led to increased regulatory requirements and a need for more due diligence in the onboarding process. The difficult economic circumstances and supply chain challenges only add to the complexity of supplier onboarding, making it increasingly difficult for companies to manage their suppliers effectively.

Overall, these factors contribute to a more complex supplier onboarding process, requiring more time, resources, and attention. Conducting effective due diligence including sanctions screening and understanding who the supplier is and who their UBOs are is vital to preventing serious compliance failures. 

In this webinar, VinciWorks will take you through: 

  • The supplier onboarding process
  • Undertaking money laundering and sanctions checks
  • How to ensure AML compliance
  • How to assess risk levels and create a due diligence audit trail
  • What tools and resources you need for supplier onboarding
  • New regulations in the EU, UK and US to take account of when supplier onboarding

Free registration

New rules and guidance from SRA – SLAPPs and quality assurance

Andy Donovan, Managing Director and Founder of Compliance Office
Andy Donovan, Managing Director and Founder of Compliance Office

The SRA have released further guidance and rules over the last few months. In this blog, Compliance Office’s Andrew Donovan shares the key points.

Understanding SLAPPs (Strategic Lawsuits Against Public Participation)

With increasing public concern that some solicitors are using SLAPPs on behalf of their clients, the SRA has issued a warning notice that tells law firms not to act for clients in this way and outlines some of the activities they would consider to be abusive litigation. A ‘SLAPP’ typically refers to some sort of legal threat or action intended to stifle public commentary or publication. The concern is solicitors being hired to inappropriately threaten and scare people from speaking up. 

Solicitors should only be labelling correspondence as ‘not for publication’, ‘strictly private and confidential’ and/or ‘without prejudice’ when the conditions for using those terms are fulfilled. The new guidance and warnings make clear that confidential markings cannot unilaterally impose a duty of privacy or confidentiality where one does not already exist. Similarly, making excessive or meritless claims or aggressive or intimidating threats will result in regulatory action. The SRA could not be much clearer that firms should not be hired simply to scare people off if there are no legitimate legal grounds to make any relevant claims or threats. The Bar Standards Board (BSB) is actually considering following the Solicitors Regulation Authority (SRA) in issuing guidance on strategic lawsuits against public participation (SLAPPs).

Continue reading

Conducting an independent AML audit: Can your firm avoid raising the red flags?

Conducting an independent AML audit: Can your firm avoid raising the red flags?

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.

Guide to AML audits

Continue reading

How will failure to prevent fraud work?

How will failure to prevent fraud work?

The new offences of failure to prevent fraud are likely to shake up corporate compliance for all UK business. How will they work in practice?

The UK government have announced they are pushing ahead with a game-changing new regulation to expand the ‘failure to prevent’ family of offences to failure to prevent fraud. 

Proposed amendments could even see corporate officers jailed if they take a decision, or fail to take a decision, that could lead to economic crime such as fraud, false accounting or money laundering being committed.

Failure to prevent encompasses a wide array of compliance failures, from not having the right policies in place, to a lack of procedures to even training courses that aren’t effective in delivering the right information to employees. 

Continue reading

Free guide to failure to prevent fraud. What will compliance mean for you?

Free guide to failure to prevent fraud. What will compliance mean for you?

Download our detailed guide: “Failure to Prevent: A Guide to Compliance” and find out more about the family of failure to prevent offences, including the new failure to prevent fraud offence currently going through the UK parliament.

Failure to prevent fraud will apply to all businesses, and require them to have certain procedures in place, or face criminal liability.

This free guide includes:

  • What is failure to prevent?
  • What’s new in failure to prevent?
  • Why is failure to prevent fraud being considered and who will it cover?
  • Failure to prevent fraud in detail
  • Failure to prevent tax evasion
  • Failure to prevent bribery
  • The future of failure to prevent

Download your guide to failure to prevent now and stay on top of this game-changing new regulation that’s set to shake up corporate compliance.

Download the guide

Race Equality Week: A workplace awareness guide – free download

This week is Race Equality Week, an annual UK-wide initiative that brings together thousands of organisations and individuals to raise awareness and address the current barriers to race equality in the workplace.

This year’s theme for UK Race Equality Week is #ItsEveryonesBusiness because tackling race inequality is everyone’s business.

Continue reading