Anti-money laundering audit

Following earlier rounds of US sanctions on Hamas, the US is now offering up to $10 million for information on five Hamas financiers or anything leading to the disruption of the Palestinian terror group’s financial mechanisms, the State Department reported. The five Hamas financial facilitators under this reward offer are named as Abdelbasit Hamza Elhassan Khair, Amer Kamal Sharif Alshawa, Ahmed Sadu Jahleb, Walid Mohammed Mustafa Jadallah, and Muhammad Ahmad ‘Abd Al-Dayim Nasrallah.

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Sign showing Russia closed off due to sanctions

The European Union (EU) recently adopted its 12th package of sanctions against Russia, marking a significant development in response to Russia’s invasion of Ukraine. For companies and businesses operating in the EU, understanding the implications of these sanctions is crucial for maintaining compliance. What’s new in this package, and what does your business need to do to comply? Below are the key elements of the sanctions and some insights on what businesses need to know to comply with these new stricter measures.

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In this webinar, we explored the vast implications of the EU AI Act, the world’s first comprehensive AI regulation. With this legislation, the EU hopes to create a framework to regulate AI systems across the EU. But the Act will impact companies who do any business in the EU, and, similar to the General Data Protection Regulation (GDPR), the AI Act will likely set a global standard.

This free, one-hour webinar provided key background on how the AI Act was developed, its main elements, including an understanding of its risk-based approach, and critical advice on what companies need to be aware of. Importantly, we focused on how companies can prepare to comply.

This webinar featured:

  • A basic understanding of the AI Act
  • How it will likely impact your company 
  • The impact of GDPR on AI – and why that matters 
  • How you can prepare – and when you need to
  • Future trends in AI regulation around the world

The webinar featured the VinciWorks compliance team and a legal GDPR / AI expert.

Watch on-demand – UK companies

Watch on-demand – US companies

The UK’s AML system is undergoing a significant overhaul aimed at tackling money laundering and terrorist financing. A series of new regulations are designed to close loopholes and enhance due diligence measures across various sectors.

Cryptoasset businesses under the microscope

One of the most significant changes is the introduction of the “Travel Rule” for cryptoasset firms. This rule, which is in line with recommendations from the Financial Action Task Force (FATF), requires businesses to share customer data with each other for transactions exceeding €1,000. This will make it more difficult for criminals to use cryptocurrencies to launder their illicit gains.

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In a major move to combat corporate fraud and protect victims, the UK government is creating a new “failure to prevent fraud” offence, marking a significant shift in how businesses will be held accountable. The legislation targets large organisations and could see them hit with hefty fines if employees commit fraud for their benefit, even if executives were unaware.

Why is this happening?

Existing powers to fine and prosecute organisations and their employees for fraud often face loopholes, allowing some companies to escape accountability. This new offence plugs those gaps and encourages a shift towards stronger internal controls.

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Artificial intelligence (AI) is rapidly changing the workplace. Generative AI tools like ChatGPT and Dall-E now allow people worldwide to accomplish more than humans ever dreamed possible. This creates many challenges for compliance departments, which have to deal with various regulatory issues related to the use of AI, from GDPR to discrimination.

In this webinar, we explored the concepts and terms used in discussing AI and bust some of the myths. We discussed best practices for using AI in the workplace with our team of compliance experts and uncovered the risks and opportunities of using AI at work.

This webinar covered:

  • Understanding AI in the workplace
  • AI and data privacy
  • AI and intellectual property
  • AI and discrimination
  • AI and conducting an effective risk assessment
  • AI and cybersecurity
  • Plagiarism in the age of AI

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In January 2022, China promulgated two laws specific to AI applications. While the provisions regarding the management of algorithmic recommendations for internet information services (Algorithm Provisions) have been in effect since March 2023, the provisions for managing deep synthesis of internet information services (Draft Deep Synthesis Provisions) are still in the drafting stage.

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2024 is the year of CSRD. The EU’s Corporate Sustainability Reporting Directive (CSRD) is an ESG (environmental, social and governance) is coming into the forefront this year.

It is designed to make corporate sustainability reporting more common, consistent and standardised like financial accounting and reporting. The new directive’s impact is far-ranging and essentially modernises and strengthens the social and environmental information that companies have to report. The directive went into force in January 2023. The first companies will have to apply the new rules for the first time in the 2024 financial year, for reports published in 2025.

Download your free mini guide to how to get your organisation started with CSRD.

Nearly six years after Grenfell, the Building Safety Act is set to bring a significant shake-up to health and safety in facilities. Despite the delay in implementing the second staircase rule for buildings above 18 metres, various parts of the Act have already come into force. The Building Safety Regulator (BSR) has become the authority for all high-rise buildings, and a Mandatory Occurrence Reporting System is now required for each higher-risk building so the BSR can capture relevant risks. 

The BSR has released its enforcement policy statement detailing how it will deal with breaches, including through verbal warnings and even recommending prosecutions when there has been a severe breach. Over the next three years, the BSR will have assessed up to half of higher-risk buildings. For any building or facilities manager, particularly those in higher-risk buildings, constructing a good relationship with the Building Safety Regulator is strategically essential. 

Fire safety remains a fundamental part of building safety regulations. With over 20,000 commercial fires a year in the UK alone, with most of these preventable, fire safety must always remain one of the highest health and safety priorities,

Download our free guide to fire safety at work.

Sanctions stamp

In a significant move, the Japanese government has announced fresh sanctions targeting three senior members of Hamas. Chief Cabinet Secretary Yoshimasa Hayashi revealed on Tuesday that the sanctions would include the freezing of assets and restrictions on payments and capital transactions involving the specified individuals. The decision comes in response to their alleged involvement in the October 7th attacks by Hamas on Israel, with concerns about their ability to use funds to finance further terrorist activities. The government believes that these individuals hold positions enabling them to utilise funds for supporting terrorist activities. 

Meanwhile, just a few days later, the US Treasury Department imposed sanctions on individuals and groups accused of facilitating the flow of Iranian financial assistance to Houthi rebels in Yemen. These sanctions target key figures such as the head of the Currency Exchangers Association in Sana’a, Nabil Al-Hadha, and three exchange houses in Yemen and Turkey. These actions come in response to the Houthi rebels’ targeting of Israel and international shipping lanes since October 7. The measures, blocking access to US property and bank accounts, are part of a broader strategy to curb the illicit flow of funds to the Houthis, who have been conducting dangerous attacks on international shipping, further destabilising the region. The US, along with its allies, emphasises its commitment to targeting facilitation networks supporting the Houthis and their backers in Iran.

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