VinciWorks

Neurodiversity at work: A straightforward guide free to download

Neurodiversity is the term that describes the idea that there is naturally occurring variation in the human brain, which can impact a series of brain functions such as how we interact with one another and how we process information.

The word neurodiversity is short for neurological diversity. Neurological or neurology is a word that describes the biological functioning of the nervous system, and in particular the brain. Neuro- is a prefix that can be applied to other words to discuss things relating to the nervous system or brain.

How do firms protect themselves in today’s regulatory environment?

Straight talk on aligning regulatory priorities from panellists at the Law Society’s Risk and Compliance Annual Conference

Many law firms’ regulatory priorities are determined by outside forces, such as regulators or guidance. But, as Richard Farquhar, financial crime and risk manager for Ashurst, noted, firms can’t just focus on that. They need to look at wider obligations and determine what the risks are.

Farquhar moderated a panel at the Law Society’s Risk and Compliance Annual Conference 2024 that focused on how law firms can manage their compliance in the current regulatory environment.

Andy Donovan, managing director and founder of VinciWorks’ Compliance Office, said that firms need a more bespoke approach. Customised compliance is more effective, he noted. Get specific, he counselled, and make sure you have audits in place. if you’re not checking it, it’s not happening, he added.

The Law Society to UK government: Limit SRA fining powers

At its Risk and Compliance Annual Conference, Law Society president expresses concerns

The Law Society’s Risk and Compliance Annual Conference 2024, started off with a bang. Nick Emmerson, president of The Law Society, noted that, along with increasing compliance obligations on law firms were increasing fining powers by the Solicitors Regulation Authority (SRA). Emmerson was clear on where he stood on that. He called on the UK government to put a stop to those increasing powers.

As Emmerson noted, current SRA fining powers are now unlimited for economic fine offences. Other offences are capped at £25,000. While the SRA wants to extend this to all offences, the Law Society does not believe they have a credible case for this.

Does my company really need an AI policy?

Yes, it’s more important than ever. Here’s how to get started

No one really knows how to deal with AI yet. But as the use of AI technologies works its way deeper into our business practices and as AI slowly enters the legislative arena, we’re looking at, AI Act, it’s critical to have a policy ready. It’s vital for your business practice, for your employees, for your customers and to be prepared for eventual ongoing compliance.

Ensuring that as AI advances, its use is ethical, controlled and helpful is what is propelling laws, discussions, and frameworks. It will go beyond data privacy, intellectual property and consumer rights into national and international regulations, crossing borders but necessitating understanding and adherence and a culture of responsibility. That is why a company AI policy needs to be able to function as a dynamic document that is prepared to change as the legal and cultural environment around AI evolves.

What is the future of AI regulation in the UK?

While the European Union forges ahead with proposals to strictly regulate the use of Artificial Intelligence, the UK has opted for a more ‘wait-and-see’ approach. But that looks set to change after the next election – which must be held before January 2025.

Anti-Money Laundering
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10 min read

Preparing for Tranche-2: Lessons for Australian lawyers and accountants in AML compliance

Understanding anti-money laundering for Australian regulated entities

Australia has been an outlier in AML for some time. Many accountants, lawyers and real estate agents who would be captured by AML requirements in Europe or the UK have been exempted from these requirements which are commonplace in other parts of the world. New Zealand has been updating its AML requirements on regulated entities for a number of years with no sign of backtracking. While Australia will hope to avoid some of the implementation mistakes made across the Tasman Sea, it does seem that this time, increased AML regulation in Australia is coming.

Fortunately, Australian firms are in a strong position to learn from what regulated entities in the UK and Europe have been doing since at least the Fourth Directive was ratified by the EU in 2015. With years of experience in supporting the regulated sector to understand and comply with seemingly complex money laundering regulations, VinciWorks is here to demystify the changes and reassure the Australian regulated sector that things are going to be okay.

What will the most difficult changes be for Australian firms to grasp?

Updated AML & PEP Training: Reflecting the New Landscape

Following the introduction of new Anti-Money Laundering (AML) regulations in January 2024, we’re pleased to announce our suite of Compliance training courses including anti-money laundering, due diligence, and politically exposed persons (PEPs) has been fully updated to reflect these crucial changes.

Looming Regulations, Limited Knowledge: Only 2% of Large Businesses Aware of EU AI Act, Says VinciWorks Survey

Our new survey reveals a crack in business preparedness for the upcoming EU Artificial Intelligence (AI) Act. The survey exposes alarmingly low awareness among larger organisations, with only 2% of large companies reporting a full understanding of the Act.

While the EU AI Act is not yet formally passed (expected to come into force in 2025), it’s anticipated to significantly impact organisations operating in the EU. The Act aims to regulate the development, deployment, and use of AI to ensure it’s fair, safe, and trustworthy.

Non-compliance can lead to substantial penalties, reaching up to €35 million or 7% of global turnover, whichever is higher.

Thought Leadership
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13 min read

What countries are high risk for proliferation financing?

How to assess geographic risks of proliferation financing

Regulated entities are required by law to carry out proliferation financing (PF) risk assessments. But this relatively new compliance requirement can be hard to fully integrate into your risk assessment process. At first glance, proliferation financing risks are mainly concerned with activities carried out in North Korea and Iran. If your business doesn’t have a connection with either of these countries, then it might seem there is little more to do in a proliferation financing risk assessment.

But in reality, proliferation financing risks are connected to more countries than just North Korea and Iran, and firms should factor this into their risk assessment processes. However PF risks are constantly evolving. As global concerns on the proliferation of weapons of mass destruction (WMD) evolve, it is vital to broaden the risk assessment process to ensure your firm is not caught out.

Cyber Security
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3 min read

Getting scammed is easier than you think

A financial columnist fell victim to a group of con artists and ended up giving them her life savings. Can this happen to you?

Charlotte Cowles is not the kind of person to fall for a scam. She’s a financial writer, the financial advice columnist for New York Magazine and has worked for some of the top publications in the US. She lives in Manhattan, is married and has a child.

And yet, as she writes in this story, she found herself one day on a street in New York City giving a stranger in a Mercedes a shoebox filled with $50,000 in cash, nearly all her savings.

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