VinciWorks

Under UK law, a corporation can face criminal prosecution if it fails to prevent certain actions from being undertaken by its employees or contractors.

The UK government have recently announced they are pushing ahead with a game-changing new regulation to expand the 'failure to prevent' family of offences to fraud. In this episode, Director of Learning and Content Nick Henderson-Mayo and Directory of Best Practice Gary Yantin get into detail about the proposed new law, and what it might mean for compliance.

Download our guide to the 'failure to prevent' family of offences: https://bit.ly/failure-to-prevent

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, we were joined by John Sandeman, HMRC's policy official for Mandatory Disclosure Rules, who will help our listeners get to grips with the UK MDR and how it may impact your organisation.

In a rapidly changing economy, companies are ever more reliant on a well-functioning supply chain to get things done. From outsourcing payroll to launching a new product, supply chain management has never been more crucial. Examining the risks posed by new suppliers is equally vital. A worrying incident can have a knock-on effect on your business, from reputational risk to fines or criminal action.

In this episode, VinciWorks, in collaboration with our partners DeltaNet, examine the risks of third-party failures in health and safety.

As the year comes to a close, leading SRA consultancy service, Compliance Office, look at the latest SRA compliance developments and hot topics for law firms. Founder Andy Donovan speaks to leading regulatory solicitors Julie Norris and Iain Miller at Kingsley Napley and Ruth Mittlemann Cohen, an AML product specialist at VinciWorks.

They look at:

• What the SRA's increases in fining powers mean in practice
• Christmas parties and appropriate behaviour
• Social media and other professional comms blunders
• SRA's new expectations around office culture
• Hot off the press analysis of the SRA's new guidance on supervising fee earners which will prove to be a hot topic!
• SLAPPs and new guidance on using 'confidential' & 'without prejudice' labels
• Corporate undertakings - where are we now?
• A look ahead to the hot topics in 2023 - AML (brief update only as that is its own session!), Legal Ombudsman time limit changes, forthcoming thematic review & more

Speak to Compliance Office today: https://complianceoffice.co.uk/contact/

All UK law firms are required to establish an independent audit function to examine, evaluate and make recommendations regarding the adequacy and effectiveness of their practice's anti-money laundering and counter-terrorist financing policies, controls, and procedures. This can be carried out via an internal or an external auditor.

In this episode, we speak to the Director and Founder of SRA consultancy firm Compliance Office, Andy Donovan, to explore what an independent AML audit involves, the differences between an independent audit and an external audit and what should be included in every audit.

Find out how we can help: https://vinciworks.com/products/aml/aml-audits/

Getting third-party risk management right is critical for businesses. In this episode, CoreStream's SVP of business development, Paul Cadwallader, explores how businesses can ensure effective procedures for extended enterprise management. We'll dive into how to identify and mitigate risks through effective and efficient processes and what to consider when implementing risk-based third-party due diligence.

Further resources:

- Third party risk management software: https://www.corestream.co.uk/third-party-risk-management-software/

- Supplier onboarding compliance solution: https://vinciworks.com/products/omnitrack/supplier-tracking/

- Guide to risk based third party due diligence: https://vinciworks.com/resources/download/?resource=guide-to-risk-based-third-party-due-diligence

Since the UK Modern Slavery Act came into force, it is estimated that the number of people trapped in forced labour or forced marriages has actually increased, with the number now believed to have reached over 50 million. A mixture of armed conflict, climate change and the global pandemic has made modern slavery a growing challenge, despite an increase in regulations in many countries. With the UK and other countries set to strengthen their regulations, we look at whether businesses are doing enough to eradicate modern slavery.

ESG - Environmental, Social and Governance - helps businesses measure their impact on the world. It goes broader than profit and loss and is more detailed than corporate social responsibility.

Over the past year, we have fielded hundreds of questions on ESG. From how to get started to understanding how to choose the right ESG framework for you, businesses at all stages in their ESG journey have unanswered questions.

In this episode, Director of Learning and Content Nick Henderson and Director of Product Alona Stern will answer your ESG questions.

Free ESG resources: https://vinciworks.com/resources/esg/

In July 2021, HM Treasury launched a new AML consultation entitled 'Amendments to the Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs)'. The planned updates, most of which are coming into force on 1 September, are required to ensure that the UK continues to meet international AML standards, whilst also clarifying how the UK's anti-money laundering and counter-terrorist financing (AML/CTF) regime works. UK law firms continue to be at the forefront of the fight against money laundering and terrorist financing. In this episode, Lindsay Taylor from Compliance Office and Nick Henderson from VinciWorks will give a thorough overview of the latest in AML compliance and what's changing.

Keeping money launderers out of legal services has long been a priority of the SRA. In 2021, the SRA visited an average of 7 law firms a month to check on their money laundering systems. The majority were told to make changes to the way they work. Further, in its latest threat assessment, the National Crime Agency (NCA) estimated that at least 70,000 people are engaged in serious organised crime in the UK, with upwards of £12bn in criminal cash generated annually. In this episode, Compliance Office Founder and Director Andy Donovan, and VinciWorks Head of Legal and Product Research Ruth Mittelmann Cohen discuss the SRA's findings and how firms can maintain AML compliance.