VinciWorks Partners with Intapp on Comprehensive DAC6 Solution

VinciWorks partners with Intapp on comprehensive DAC6 solution

DAC6 is a European regulation aimed at reducing international tax evasion and promoting transparency. The Directive requires law firms to report some forms of tax advice and tax transactions. These “mandatory disclosure requirements” (MDR) are for tax transactions that cross EU borders, where it seems that the primary purpose of the transaction is a tax advantage.

DAC6, like the original Money Laundering Directive, is a fundamental shift to the way that law firms operate. It is not merely a change for compliance teams, it affects the entire practice, including engagement letters, practice management systems and anyone involved in any tax advice.

A comprehensive DAC6 solution requires integration between the different systems involved in practice management.

DAC6 reporting involves many internal and external stakeholders

DAC6 API

VinciWorks’ DAC6 solution includes a robust API for integrating with a firm’s existing systems. The API can also produce XML reports for auto reporting with HMRC and other authorities.

For DAC6 this API could facilitate a DAC6 reporting workflow with a practice management system in the following way:

A new client matter is opened in the practice management system (PMS)
Client and matter data is entered into the PMS, including a new field in the matter opening process which indicates whether the matter is reportable under DAC6
On click of Submit…
The PMS automatically fetches relevant matter data and formats into a predefined JSON format
The PMS connects to the Omnitrack API endpoint and posts the JSON data
Omnitrack automatically creates a new submission in the DAC6 form
Omnitrack ingests the relevant matter data into the relevant fields in the DAC6 form
Omnitrack notifies the assigned administrator of a new submission, based on the form’s rules.

VinciWorks and Intapp

Intapp OnePlace for Risk and Intapp Intake capture some of the necessary DAC6 data during conflicts-management and compliance processes. Intapp and VinciWorks have collaborated to enhance that DAC6 process with a full end-to-end solution, including determining which transactions should be reported, tracking deadlines, ongoing matter review and auto reporting.

Using Intapp Integrate, VinciWorks has built an Intapp-VinciWorks integration that is available to any Intapp clients. The integration adds an initial DAC6 screening question for all matters to Intapp. If the matter passes that screening, it is automatically sent to the VinciWorks DAC6 Omnitrack for further analysis. Relevant information from Intapp is added to Omnitrack and Omnitrack then guides the matter partner, tax professional or compliance person through the DAC6 process.

Omnitrack integration built in Intapp Integrate — Omnitrack integration built-in Intapp Integrate

Intapp clients can learn more about the VinciWorks DAC6 solution here.

How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

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