AML/CFT for real estate agents
AML/CFT Phase Two comes into place for real estate agents on 1 January, 2019.
Here are the essentials.
One system for all your CDD and easy reporting
Connectworks provides one system for performing your AML/CFT client due diligence (CDD) requirements for all your clients, helps you to compile your DIA reports, and to meet your record-keeping requirements.
AML/CFT-only subscriptions are available for all client types (Companies, Trusts, Partnerships and Individuals) at just $5 per client per annum, or an up-front $25 for 6-years to enable you to complete the CDD, then meet your 5-year record-keeping requirements.
Electronic identity information verification
You can easily obtain a low-cost independent verification of a client’s identity information via our partner Centrix.
Centrix connects to the DIA and NZTA for passport and driver licence verifications, banks, finance and utility companies for proof of address, name and date of birth, and the full international Thomson Reuters PEP and sanctions databases.
· A New Zealand Driver Licence, proof of address, PEP and sanctions check is $5 per individual and takes around 20 seconds.
· A New Zealand Passport, proof of address, PEP and sanctions check is $6 per individual and takes less than a minute.
A shareable certificate is produced showing the results of the checks and is automatically saved against the client.
Note: You’ll need to complete and return the relevant forms available here before undertaking these checks
Easy client setup, then capture of AML/CFT info
Clients of all types can be set up in Connectworks easily, so you can start the CDD process.
Companies, along with the names and addresses of directors and shareholders and all shareholding are imported in seconds from the Companies Office individually by you firm or in bulk via a loading template that can also contain additional information.
Trusts, partnerships, and individuals can be added by your firm at any time. Or bulk-loading templates are available to speed up the process.
Once clients are loaded, you can start a workflow process to complete the appropriate level of CDD by entering information in the custom fields in Connectworks that are taken directly from the legislative requirements and DIA guidelines.
We've made it easy with the ability to select options, drag and drop any supporting documents and pre-filling information where possible
Enter information once, then reuse it
Identity verifications are attached to a person’s profile; so if, for example, 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 or individual.
Oversight of your firm and easier DIA reporting
Our easy, in-depth reports help users quickly identify any clients where CDD is incomplete or overdue. Three reports are available to help you complete your reports to DIA.
Checks on non-New Zealand residents and PEP and sanctions-only checks to be added
The identity verification team we’re working with will be offering checks on persons from major countries outside New Zealand at $7-$10 each.
We will also be adding a PEP and sanctions-only check for just $1. So if you choose to manually verify clients ID, you will still be able to check these easily via Connectworks.
Flexible subscriptions and no-hidden extras
• A six-year plan is an up-front $25 per client (to meet your five-year record- keeping requirements).
If the client undertakes another transaction within that time, you have easy access to the current CDD. You can easily update it, then extend the subscription period to meet your record-keeping requirements.
Or, you can subscribe for just $5 per client, per annum.
•Just pay additionally for any optional client identity information checks that you want to do via Connectworks (see below).
What if prospects don't buy?
While you're required to undertake CDD on all potential buyers of a property, only one of them will become the actual buyer.
With Connectworks you don't have to take out a 6-year subscription on all potential buyers. You can initially take out a 1-year subscription for just $5 (plus the cost of any ID checks). You can then easily extend the subscription for the buyers to 6- years.
You're got easy access to the CDD on the other potential buyers for a year. If they go on to become buyers (or sellers) at a later date you can extend the subscription. And if they don't, you don't have to renew the subscription at the end of the year.
What you don't pay for
With Connectworks, there are no firm costs or set-up costs. Just pay for the subscriptions you want, when you take them out.
There is no limit on the number of staff who can access Connectworks from your firm and they can use it from anywhere at any time.
You don't have to pay for online support or to take part in training webinars.
There's no minimum number of subscriptions to take out and no obligation to undertake the identity checks via Connectworks if you don't want to.
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. The biggest issue is people entering in incorrect details. Address checks fail for a few percent of people, mostly due to them having moved recently or not having accounts in their own names (e.g. only in the name of a partner or flatmate).
•Prices exclude GST
For more info, to sign-up or to take part in a webinar, get in touch at email@example.com or call 0800 456 580 option 4
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 before you are able to undertake client ID checks via Connectworks
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 New Zealand passport information in your Smart ID checks (instead of a New Zealand Driver Licence). 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.