10 reasons firms are choosing Connectworks for their AML/CFT solution
Connectworks is suitable for all client entity types - companies, trusts, partnerships, individuals and more.
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.
It's comprehensive, yet straightforward taking the user step-by-step through the legal requirements.
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.
Any staff member can undertake the CDD, then key people within your firm can sign-off on the process for each client.
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.
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.
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.
There's no charge for training, support and loading guidance.
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.
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.
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 email@example.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.
You can see the client AML/CFT status is "Undergoing CDD" so you can keep track of any clients in the category.
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.
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 firstname.lastname@example.org 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 email@example.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.
We now use GoToWebinars, just click on the link to register.
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