AML in Connectworks

 
 

AML in Connectworks

AML/CFT Phase Two is in place from 1 July 2018 for lawyers in New Zealand and 1 October 2018 for Accountants.

Here are the essentials.

One system for all your CDD

Connectworks provides one system for performing all your AML/CFT client due diligence (CDD) requirements across your entire client list. Full governance and compliance solutions are available for companies, trusts, and individuals, as well as CDD-only subscriptions for other client types. With everything in one place, nothing gets missed, and nothing gets duplicated.

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Electronic identity information verification

Request verification of a client’s identity information via our partner Centrix, a New Zealand owned and operated consumer identification service. Get independent, third-party provider verification quickly, easily and at low cost - see Centrix pricing below. Note you’ll need to complete and return the relevant forms available here.

Capture AML info

Record all required AML/CFT information for your customers, including name, contact, and other identifying information, the nature and purpose of your business relationship, their sources of funds or wealth, and more.  

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Enter information once, then reuse it

Our common database means that identity information only has to be entered into a person’s profile once, and then is automatically pushed out to all the clients they’re involved with. Identity verifications also attach to a person’s profile; so if you’ve verified someone’s identity in their role as a company director, you won’t have to verify it a second time in their role as a trustee.  

Identify beneficial owners

Connectworks helps you identify your clients’ beneficial owners. Shareholding information can be imported from the Companies Office, and persons holding roles that may provide effective control are automatically flagged to consider for identity checks (directors, CEO’s, trustees, etc.).

Client portal

Clients can supply required information and upload scans of identifying documentation directly into Connectworks. You get notified when their information changes, and you can choose to accept it into your database.

Automated CDD workflow

Our automated, step-by-step workflow helps ensure that everything’s been captured for your clients.

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Alerts and reminders

Set a due date for a client’s CDD, and a date in the future to review or repeat it. Reminders will appear in your Connectworks calendar, and you can filter your client list to identify any that are pending or overdue.

Reporting

Our easy, in-depth reports help to quickly identify any AML info you need for a client, as well as helping with performing and tracking your CDD across your entire client list.

Identify and mitigate key vulnerabilities

Support your CDD by identifying any ML/TF vulnerabilities or risks your client poses, and record strategies to mitigate them.

Checks on non-New Zealand residents

The identity verification team we’re working with will be offering verifications for persons from major countries outside New Zealand, at a slightly higher cost.

AML compliance officer

Identify your firm’s AML compliance officer to ensure oversight by the right person.

Records for Audit

A full audit trail of what was done, by whom, and when.

Contact us

For more info or to take part in a webinar, get in touch at enquire@connectworks.com




Further guidance

Rather than reinvent the wheel for general information, background and industry comment we recommend keeping an eye on the New Zealand Law Society and Chartered Accountants Australia and New Zealand websites as well as the DIA. For more information and general codes of practice, the DIA website has a range of useful guidance.



Pricing

•No additional cost to subscription plans for companies or trusts.

•Just pay additionally for any client identity information checks that you want to do via Connectworks.

•Trusts and companies where they aren’t on Connectworks entity management subscription are just $5 each per client for AML-only

•Six-year plan for $25 for one-off clients (to meet five-year record-keeping requirement)

•Option to add unlimited signing for just $5 extra per individual or entity per annum. This encompasses our flexible signing, document packs and branded client portal.

Centrix Smart ID check pricing

•NZ Driver Licence, proof of address, PEP and sanctions check = $5

•NZ Passport, proof of address, PEP and sanctions check = $6 per individual.

•The costs are per check, regardless of the result.

•Prices exclude GST

Centrix Forms

Application for Centrix subscriber account (download)
These are the terms and conditions for using Centrix, and must be completed and signed by an authorised representative of your firm.

Application in relation to the Identity Information Confirmation Act 2012 (download)
This form only needs to be completed if you want to be able to use passport information in your Smart ID checks.  Parties receiving passport information must first be authorised by the Department of Internal Affairs, via Centrix. (For more information, see here.) Again, this form must be completed and signed by an authorised representative of your firm, and returned to Connectworks for processing.