Compliance Update: Regulatory Agenda, cyber security, AML, DAC6 and more


Compliance Update: Regulatory Agenda, cyber security, AML, DAC6 and more



Regulatory Agenda for September 2020

To help businesses keep track of updates in UK legislation and policies, VinciWorks regularly publishes a regulatory update. Our regulatory agenda for September covers the latest COVID-19 government guidance, EU developments, acts of Parliament, bills before Parliament, open consultations and more.

Download regularory agenda


The largest financial fines of 2020

In 2019, the FCA registered nearly £400 million in fines for compliance breaches. Despite the pandemic, investigators are striking out high and fast against non-compliance. In the first half of 2020, only four cases have resulted in a fine, but collectively those fines have already reached £100 million.


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How to create a cyber security training plan

VinciWorks has developed a full suite of cyber security courses. We recommend integrating the training into a year-long cyber security training plan. The advanced plan is most relevant for those who have not taken in-depth cyber security training before and lack basic knowledge of how to mitigate cyber security risks. The standard plan is relevant for all other staff.

Download training plan


AML risk assessment — Centralised reporting for on-boarding new clients

EU anti-money laundering legislation requires law firms to conduct client due diligence (CDD) before they can advise their clients. Some firms are still conducting CDD via lengthy Word, PDF and Excel forms. Keeping clients’ details up to date via spreadsheet is challenging, with no easy way to track and resolve any red flags that may arise. This makes the process time-consuming, with errors potentially proving costly.

The solution


DAC6 reporting solution announced as award finalist

On Wednesday 9 September, as we were wrapping up a successful fourth DAC6 Core Group Meeting via Zoom, we were announced as a finalist for this year’s British Legal Technology Awards. Our DAC6 reporting solution was nominated in the category of IT Product or Service of the Year. The announcement follows hard work from our full-time DAC6 team consisting of developers, subject-matter experts, support technicians and designers.

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Webinar invite: DAC6 reporting — Your questions answered

Wednesday 28 October, 12:00pm (UK)

DAC6 has now been in force for over two months, with intermediaries and businesses in Germany already having to report historical transactions.

This webinar will give attendees the opportunity to have their questions answered by our Legal and Research Executive Ruth Mittelmann Cohen and Director of Best Practice Gary Yantin.

Free registration