October two minute update

October two minute update.jpg

10 reasons firms are choosing Connectworks for their AML/CFT solution

  1. Connectworks is suitable for all client entity types - companies, trusts, partnerships, individuals and more.

  2. Setup is easy. Companies are set up in seconds via imports from the Companies Office we have loading templates to help set up other clients types, often via exports from practice management systems.

  3. It's comprehensive, yet straightforward taking the user step-by-step through the legal requirements. 

  4. It contains integrated, easy and cheap client ID checks. A combined NZ driver licence, address, PEP and sanctions check costs just $5 with the certificate showing the result produced and saved against the client in around 20-seconds.

  5. Any staff member can undertake the CDD, then key people within your firm can sign-off on the process for each client.

  6. Your senior staff and compliance officer have easy oversight of the status of all your clients, by level of completion, risk level, CCD level, client type, business unit and more.

  7. You can use Connectworks as an AML/CFT solution-only. However there's no additional subscription cost if you're using Connectworks for entity management. Just pay for any Client ID checks undertaken via Connectworks.

  8. For additional clients or to use Connectworks for AML/CFT-only is just $5 per client per annum, plus the cost of any ID checks, or $25 up-front for 6 years to meet your 5-year record-keeping requirements. 

  9. There's no charge for training, support and loading guidance.

  10. We're still making enhancements to Connectworks so it is even more useful. This includes reporting functionality to help you produce your Annual Report to DIA next year, PEP and sanctions checks only, checks on foreign ID and much more (see below). 

AML/CFT - what's coming up?
We've produced an AML/CFT solution that firms love as a comprehensive yet straightforward system, but we're not stopping there.
Verifying identities
You can already record evidence of a person’s identity within their personal profile. Soon, you’ll be able to use this evidence to mark that the person’s identity has been verified. The identity determination will also attach to the person’s profile, so if they’re involved in more than one company or trust, you’ll be able to see it in all of them.
More ID checks. We're adding the ability to undertake a PEP and sanctions check-only for $1 and rolling out ID checks on non-NZ nationals.  
Reporting
We’re adding reporting into the AML galleries, to help you keep track of where you’re at in the CDD process. The reports will also contain information able to be used when completing your Annual Report to DIA. 
Identifying CDD candidates
We’ll be expanding the CDD Candidates section of the CDD workflow to make it easier to identify all the parties involved with a client that might require CDD, especially ones that aren't a director, shareholder or beneficial owner.
Suspicious activity reporting
We want Connectworks to be a complete AML solution, and will be adding tools to help firms manage the suspicious activity reporting requirements of the AML legislation. We’re interested in finding out more about how our users record and report on suspicious activities currently, so if you have any thoughts or input we’d love to hear it! Email cameron@connectworks.com
   
Solving the AML/CFT "Catch 22" when on-boarding clients 
You need to do CDD on prospects before accepting them as a client....
...But you need the client to be loaded into Connectworks in order to complete the CDD...
There's no easy answer to this scenario, but we've got three things to help.

  1. You can see the client AML/CFT status is "Undergoing CDD" so you can keep track of any clients in the category.

  2. You can also set an 'alert' flag in the setup status of the client entity showing that you're not ready to proceed until reviewed.

  3. If you're on an entity-management subscription (i.e. not AML/CFT - only), you can cancel the subscription within the one-month loading period. So if you don't accept the client, there won't be a subscription charge. 

Other staff missing our updates?
If you've got staff members who aren't getting our updates, but would like to, please send their name and email address to enquire@connectworks.com with 'newsletter registrations' in the subject line.
 
Updated loading templates
We've now updated our import templates for trusts, companies and individuals to include all client address details. So if you're exporting data from practice management or others systems, it makes it easier to get everything directly into Connectworks. This applies for both entity management and AML/CFT-only subscriptions.

If you're loading companies, the registered office address and address for service recorded will be brought in automatically from the Companies Office import. However, you can still add client email addresses to the loading template. Please contact ischtar@connectworks.com if you'd like to be sent the new version.   

We want your feedback!
We're planning on making some improvements to the annual return workflow and document signing processes over the next few months, and want to get your input.m Your feedback can help shape Connectworks, so if you're interested in discussing your experiences and hearing what we're planning, please let us know here
 

Webinars
We now use GoToWebinars, just click on the link to register.

AML/CFT
Learn how to manage your AML obligations in Connectworks. 20min.
Friday 2nd Nov @ 3pm - Register
Tuesday 6th Nov @ 11am - Register 
Monday 12th Nov @ 3pm - Register

Companies - Basic Training 
Covering all the basics. Importing a company, updating information, uploading documents, contact management, interest register and more. 60min.
Wednesday 7th Nov @ 11am - Register

Precedents & Signing 
How to use Connectworks precedents to generate documents and send them to clients for signing. Covers companies & trusts.
Friday 9th Nov @ 2pm - Register

Annual Return Process
Learn how to use the annual return workflow. Easy client verifications. Manage client changes. File individual returns and bulk filing. 30min.
Thursday 15th Nov @ 10.30am  - Register

Share Register Management 
Learn how to create compliant share registers using Connectworks. 30min.
Watch pre-recording here

Trust Set up and Administration
How to set up a trust in Connectworks and manage its associated parties. 30min.
Watch pre-recording here

Two minute update - AML/CFT in Connectworks

Connectworks now has everything in place so you can know you're compliant and show you're compliant in meeting your AML/CFT obligations.

  • To get underway you can set up a client company in seconds and easily import other entity types.

  • Connectworks contains workflows to take users through the process of performing the appropriate level of CDD on both client entities and individuals.

  • This includes custom fields based on all requirements of the AML/CFT legislation and the ability to save supporting documents. 

  • Client identity information checks can be performed in around 20 seconds (via Centrix) and cost just $5 (NZ driver licence) or $6 (NZ passport).

  • If you've done identity checks on a natural person, they automatically show for all other entities the person is involved with in Connectworks. And both the results of CDD and identity check certificates are sharable if you're working with other firms.  

  • Supervisors can sign off on the process for each client (see image below) and users can set reminders to repeat CDD.

  • Importantly, your firm's management and AML/CFT Compliance Officer has easy oversight of the status of all clients in terms of their CDD requirements, status and completion level. 

  • This functionality is included with all entity management subscriptions at no extra cost. AML/CFT-only subscriptions are just $5 per client, per annum or $25 for 6 years.

  • Any identity checks undertaken via Connectworks are charged additionally at the above rates.    

Webinars
We're running 20-minute webinars at the following times to take people through the process. Please click on your preferred time to register.

Friday 19th Oct @ 3pm - Register
Wednesday 24th Oct @ 2pm - Register
Friday 26th Oct @ 10.30am - Register

Setup requirements
In order to use Centrix’s Smart ID electronic identity verification services in Connectworks, you must complete the below forms and return to enquire@connectworks.com  The forms can be downloaded by clicking on the links below.
 
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.

You should also receive consent from anyone you intend to perform Smart ID checks on.

If you have any questions, please contact Connectworks on 0800 456 580 or email enquire@connectworks.com

September two minute update

Sept two minute update.jpg

AML/CFT update
The first phase of our Client Due Diligence (CDD) workflow is due to go live next week! This means you will have a single space for managing and performing CDD on all your clients in Connectworks. The new CDD workflow will replace and combine the existing AML fields that currently sit within each client’s profile. We’ll be providing more information and guidance materials over the coming weekend, keep an eye out for further details.
 
Electronic Identity Verification - Overview and setup requirements
From next week, Connectworks will also begin offering access to a range of electronic identity information and verification services provided by Centrix, a New Zealand owned and operated consumer identification service.
 
Earlier this week we emailed all registered firm administrators detailing the services that will be available, pricing and the setup steps that need to be taken in order to be able to access them. If you didn’t receive the email, a copy is available here. If you would like to register as a firm administrator to receive future updates about ongoing enhancements, new features, and critical alerts for active Connectworks users, please subscribe here.
 
The core service will centre on easily requesting, receiving and storing Centrix Smart ID checks directly from Connectworks. Centrix Smart ID is an electronic identity verification service for verifying name, address and date of birth data.
 
A Smart ID check will be able to be created within the Identity Information section of a person’s Connectworks profile, in much the same way as driver license and passport records can currently be created. 
 
You will have to enter a person’s name (first and last), date of birth and address, together with either their driver licence details (number, version number, and expiration date) or passport details (nationality, passport number, and expiration date). Connectworks will then link to Centrix to perform the check, which will only take a few seconds to complete. The results will be automatically received back into Connectworks, displaying the pieces of identity information that were able to be verified. A .pdf report will also be produced, which can then be downloaded. On the basis of the evidence received, you will then be able to indicate whether you consider the person’s identity to be sufficiently verified.
 
Fees & Billing
Smart ID with Driver Licence             $5.00 NZD (ex. GST)
Smart ID with Passport                      $6.00 NZD (ex. GST)
See additional requirements below
PEP/Sanctions check search only        $1.00 NZD (ex. GST)

All prices are on a per-check basis, and are irrespective of the result. Every time you run an ID check, Connectworks will record it. A monthly invoice will then be raised for all fees incurred.

The ability to perform identity checks for non-NZ nationals is in progress, we'll let you know when this function becomes available and the cost associated.
 
Verifications using a driver licence will be easier & cheaper than using passports
In order to use Centrix’s Smart ID electronic identity verification services in Connectworks, you must download and complete the below forms, then return to enquire@connectworks.com   
 
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 DIA 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). Yes, that's the same DIA who made you an AML/CFT reporting entity and put the CDD requirements in place! 

When performing a Smart ID check you will be required to tick a box confirming you have obtained consent from the individual you intend to perform the check on. We recommend you engage with your clients to advise them of these requirements.

If you have any questions, please contact Connectworks on 0800 456 580 or email enquire@connectworks.com
 
Identity verification via ID documents - available now
If you're going to be verifying some, or all, of your client’s identities by sighting original proof of identity documents, or using certified documents, you can now enter the details and scanned copies of documents. More information can be foundhere.

As mentioned above, we will also be adding a PEP and sanctions check-only option for $1 per individual, so you’ll easily be able add this component to any manual ID verifications. 
 
Recording beneficial ownership - available now
Fields for recording all the required information regarding beneficial owners are in place. Click here for further details and instructions on using this feature.

Business Relationship with Tax Pooling Solutions (TPS)
We have entered into a Business Relationship with Tax Pooling Solutions (TPS) to enable the sharing of CDD information for common clients, to satisfy AML obligations.

Tax Pooling intermediaries are required to undertake CDD for their customers. By using both Connectworks and TPS you can reduce the time and cost of providing CDD information to more than one recipient.
 
Where your clients' information is uploaded to Connectworks and the same clients are also registered with TPS, after providing your consent the necessary CDD information will be automatically 'pushed' through to TPS, making it seamless for you to use TPS as a tax pooling intermediary.
 
For more information on TPS you can visit their website here and register. You are welcome to email taxpooling@nz.pwc.com or call on 09 948 8833 for any queries you might have.
 
New subscription plans available for an AML/CFT solution for every client 
If you're already using Connectworks for managing your companies and/or trusts, all AML/CFT functionality is included at no additional cost to your existing subscriptions.
AML/CFT-only subscriptions are just $5 per client, per annum (company, trust, individual etc.).
If you have clients that you don't have on-going relationships with, there is an option of a 6-year AML/CFT plan for $25. This enables you to complete the CDD and meet the 5-year record keeping requirements. If clients do return, existing CDD can be easily accessed, updated if required and the subscription extended.

All prices exclude GST and  the cost of any client identity checks undertaken via Connectworks (prices outlined in Fees & Billing section above).
 
Real Estate agents as clients? 
Real Estate agents become AML/CFT reporting entities on 1 January. If you have any as clients who are looking for a comprehensive but easy and low-cost AML/CFT solution, we'd love to hear from them. Please emailenquire@connectworks.com
 
Upgrade to Annual Return verifications and e-filing 
We've redesigned our Annual Returns workflow to improve the way the list of returns can be filtered and viewed. This is due to go live next week. We’ll send some guidance to the registered firm administrators to explain the new features. Don't forget to subscribe if you would like to receive administrator updates.
 
New login-free signing option
Firms have told us that some of their clients don't want to create a Connectworks account if they're only signing, and doing so infrequently. So we now have a login-free signing option. If you choose to use it, unregistered clients can only access the options of e-drawing a signature, or uploading a scan of a wet-signed document. The current method which allows clients to save a signature securely in Connectworks and insert it, will not be available. They also won't be able to access documents they've signed previously, or see your firms branded portal.

As well as having the most flexible signing around, any document can be signed via Connectworks, not just ones generated from our precedents. And there's no limited on the number that can be signed. 
 
Christchurch-based loading contractor wanted 
We're looking for a new person in Christchurch to help firms load data and documents into Connectworks, on an as-required basis. If you know anyone potentially suitable, please have them email ischtar@connectworks.com for more information.   
 
Webinars
We now use GoToWebinars, so no need to email us for details, just click on the link to register.

AML/CFT
Learn how to manage your AML obligations in Connectworks. 
Tuesday 2nd Oct @ 11am - Register
Wednesday 3rd Oct @ 2pm - Register 
Friday 12th Oct @ 3pm - Register

Companies Overview
For those that haven't seen or are very new to companies this is a high level overview on all functionality including annual return processing.
Tuesday 9th Oct @ 2pm - Register

Trusts Overview
For those that haven't seen or are very new to trusts this is a high level overview on all functionality.
Tuesday 16th Oct @ 2pm - Register
 
Companies - Basic Training 
Covering all the basics. Importing a company, updating information, uploading documents, contact management, interest register and more. 
Wednesday 10th Oct @ 2pm - Register

Annual Return Process
Learn how to use the annual return workflow. Easy client verifications. Manage client changes. File individual returns and bulk filing. 
Thursday 11th Oct @ 9.30 - Register

Share Register Management 
Learn how to create compliant share registers using Connectworks.
Wednesday 17th Oct @ 1pm - Register

Trust Set up and Administration
How to set up a trust in Connectworks and manage its associated parties.
Thursday 18th Oct @ 9.30am - Register

Precedents & Signing 
How to use Connectworks precedents to generate documents and send them to clients for signing. Covers companies & trusts.
Thursday 18th Oct @ 2pm - Register