Your guide to ESG: What businesses need to know | Free download

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ESG – Environmental, Social and Governance – is the hottest acronym in the business world today. Global businesses are no longer working on environmental, social and governance issues in a silo. They are bringing them together under the banner of ESG to demonstrate the positive impact the business is having on the world. 

By combining issues like carbon emissions, progressive hiring practices and strong compliance, businesses can show not only are they a sound investment, but they have a net positive impact on the world. ESG is about assessing that net positive impact in the world, and taking concerted, defined and measurable action to improve it. 

VinciWorks has created a comprehensive guide about ESG that explains what it is and advises businesses on all they need to know and what steps they can take to work towards becoming ESG compliant.

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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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On-demand webinar: DAC6 — 10 months on

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Wednesday 10 November, 12:00pm (UK)

Following multiple delays, DAC6 has now been in force in most EU Member States since January 2021. Businesses across Europe are now reporting on cross-border transactions, with many still grappling with when, how and what they need to report.

In this webinar, Director of Best Practice Gary Yantin and Head of Legal and Product Research Ruth Mittelmann Cohen discussed the challenges that intermediaries and taxpayers face, give an overview of how the different EU Member States and the UK have implemented DAC6 and reveal the reporting patterns emerging from the different tax authorities. They also gave an update on the UK’s consultation document on MDR.

The webinar covered:

  • DAC6 recap
  • Top challenges firms are facing
  • Findings from different tax authorities
  • Approaches to legal professional privilege
  • UK MDR
  • What comes next?

Watch now

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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

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?

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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Sarbanes-Oxley (SOX) Compliance is Coming to the UK: Are You Ready?

Preparing for a new era in financial compliance with Sarbanes-Oxley (SOX)

  • The UK is introducing Sarbanes-Oxley. Are you ready?

In March 2021, the UK’s Department for Business, Energy and Strategy (BEIS) launched their much anticipated consultation: “Restoring trust in audit and corporate governance.” This consultation followed three significant reports into the operation of the UK’s financial services industry: the Sir John Kingman’s review, the Sir Donald Brydon review, and the CMA’s statutory audit market study. 

In short, the consultation seeks to introduce a strengthened internal controls regime, similar to the Sarbanes-Oxley rules in the US which require directors to attest to the effectiveness of internal controls over financial reporting.

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Everything you need to know about the ISO 9000 series

What is the ISO?

The ISO, or International Organization for Standardization, is a non-governmental organisation that sets proprietary, industrial, and commercial standards, with a membership comprising 166 national standards organisations. The organisation’s name – ISO – is not an acronym, but in fact originates from the ancient Greek word ísos, meaning equal or equivalent. This name was chosen by its founders to ensure that the organisation did not have differing acronyms in each language. 

What is the ISO 9000 series?

The ISO 9000 series deals with quality management and is aimed at organisations looking to improve the quality of their products and services and ensure they consistently meet customer expectations. The ISO 9000 series is founded on 7 quality management principles, which are designed to aid performance improvement.

7 Quality Management Principles of ISO 9000 Series

The seven principles of ISO 900 are:

  1. Customer focus: Meeting customer requirements contributes to sustained success 
  1. Leadership: Leaders must create a unified purpose to help achieve goals
  1. Engagement of people: Competent and engaged staff help create and deliver value 
  1. Process approach: Activities, procedures, and processes should be viewed as an integrated system 
  1. Improvement: Successful organisations have a continuous focus on improvement
  1. Evidence-based decision making: Decisions should be based on analysis and evaluation of data 
  1. Relationship management: Relationships with interested parties (such as suppliers) should be managed for the long-term
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