June two minute update

June 19 2 minute update .jpg

Your DIA AML/CFT reporting deadline is approaching - Are you ready?
The deadline for most firms’ first DIA annual report is in just 2 months time. Connectworks offers an easy, workflow-driven process for AML/CFT compliance based on DIA requirements, and also includes cheap and robust ID checks. Importantly, it has reports available to help you easily complete questions 6.17 to 6.22, 7.1 to 7.5 and 11.4 in Part 3 of your report.

With Connectworks you can know, and show, you have a robust AML solution to auditors and others. The AML functionality is automatically included with entity management subscriptions, or can be used as a stand-alone solution.
Our next webinar demonstration is Friday 5th July @ 3pm - Register 

New functionality for CRS and FATCA reporting.
A number of fields relating to CRS and FATCA have been added to, or
modified, within the Tax & Finances section of a trusts profile. These are:

  • New field: Subject to CRS reporting (Subject to FATCA has been available for several years).

  • Financial classification: This is a drop down menu allowing firms to
    indicate a trust’s type, from a financial point of view. The options are:
    Not specified (default), Passive Non-Financial Entity, Active Non-Financial
    Entity, Reporting NZ Financial Institution, and Non-Reporting NZ Financial Institution.

  • New field: Tax residency country.

  • New Field: Global Intermediary Identification Number (GIIN) number. This number is required where an entity is subject to FATCA.

  • IRD number has been renamed as IRD/Taxpayer Identification Number to
    allow the recording of tax numbers for jurisdictions other than New Zealand.

The new fields have also been added to the Trusts report and the Trust Profile report. They are currently only available in trust profiles, but in due course will be added to company and individual profiles as well.

More information on CRS (Common Reporting Standards) can be found here.

Helping staff adapt to new technology
As business becomes increasingly digital, it’s naturally important that staff embrace the required changes. We like the following article’s practical guidance on this topic: Nine Ways To Help Employees Adapt To New Company Technology.

New trust types
We’ve added new options to the trust type dropdown menu in the trust profile. In addition to the existing trust types you can now select: Business Value Protection TrustLiving TrustProperty TrustTestamentary Trust and Standby Trust.

Updated workflows (Companies)
Eight workflows relating to shareholder and shareholding changes to have been updated with advice to check shareholder continuity tracking.
Shareholder continuity tracking in Connectworks is an easy 3-step process:
Step 1. Ensure the shareholding details (including shareholder rights) are correct in Connectworks.
Step 2. Press the button to produce the shareholder continuity tracking report.
Step 3. Look up the continuity details on the resulting table.

Staff not getting our newsletters?
We recently found that we had a large number of professional Connectworks users who were not on our mailing list to receive these monthly newsletters and user updates. If there are staff at your firm who should be receiving our newsletters and updates but aren’t, please email enquire@connectworks.com with their name and email address in the heading, or direct them to our registration form available here.

Why Connectworks is your firms best signing solution
We all know that signing documents on paper is expensive, slow, time-consuming and lacks robust security. But while it’s heading in the same direction as video stores and cheques, it will be an evolutionary transition. Firms we meet commonly have examples such as a father / daughter business where he doesn’t want to sign electronically and she doesn’t want to deal with bits of paper, envelopes and posting.

Flexibility is therefore the key to success. And in our opinion, Connectworks offers more flexibility than some of those big global solutions you’ve heard of, which don’t work well when a signatory doesn’t want to sign electronically. With Connectworks there are 4 ways to sign;

  1. Electronically on screen

  2. By inserting a signature saved securely in Connectworks

  3. By printing, signing, scanning and uploading

  4. Upload a document wet-signed by one or more clients or staff

Connectworks even supports any combination of these 4 methods on the same document. Other features of Connectworks signing functionality include:

  • The ability to upload and distribute any document for signing (not just ones generated from Connectworks library of over 400 precedents).

  • Set a signing policy against a client entity (e.g. One director and a witness, or Two Directors). The document is deemed signed once that criteria is met.

  • Connectworks even supports the witnessing of electronic signatures.

  • It’s easy to identify outstanding signatures on documents and resolution approvals.

  • Your firm can have a branded client portal at no extra charge. This means that your firms branding will appear for your clients when they log in to Connectworks.

  • The branded client portal can also act as a private digital vault for your clients’ important documents.

  • On a client-by-client basis, you can choose between login-free signing (easier for infrequent signers) or login-required (more secure).

  • An unlimited number of documents can be signed for just a few dollars per client, per annum. You can have signing-only plans for individual clients (those not involved in a company or trust you manage) for just $5 per annum.

  • Document Packs enable the efficient collating, sending, signing and tracking of multiple documents. It’s especially great for year-end or when there are corporate actions.

Register for our Document Signing & Client Portal webinar below to learn more!

Webinars 
We use GoToWebinar - simply register for this months live sessions below. You are also welcome to visit our Training Video Platform to view recordings of our most popular topics at your own pace. If you would like to arrange a one-on-one training webinar for your firm get in touch with us at enquire@connectworks.com

Companies overview
A high-level overview on all company functionality including annual return processing. 45mins. 
Thursday 4th July @ 3pm - Register 

AML/CFT in Connectworks
Learn how to manage your AML obligations in Connectworks. 30mins.
Friday 5th July @ 3pm - Register 

Trusts overview
A high level overview on all trust & trustee company functionality. 45mins.
Monday 8th July @ 3pm - Register 

Document Signing and Client Portal
Lean about Connectworks flexible signing options and the Branded Client Portal.
30mins.
Monday 11th July @ 3pm - Register 

May two minute update

Estates survey - please take 5 minutes to respond and be in to win
We're undertaking a quick survey to find out more about how firms manage estates currently and to test the appeal of our proposed product. We'd really appreciate law firm staff and others who deal with estates at all levels spending a few minutes to take part. By doing so you could also win one of two cases of gold medal winning wine! To take part, click here.

Knowledgebase Update
Since the start of the year we've been working hard to bring our Knowledgebase support.connectworks.com up-to-date with all our new features and enhancements. We're pleased to announce that the update is now complete.

We've added a large number of new articles, updated every screenshot, created downloadable training modules and draft letter templates to help you engage with your clients and other professionals around the use of Connectworks.

We've also added a user guide section for end users (your firm's clients) and updated our search function to make it quicker and easier to find what you're looking for. Now you can either look for what you need within a category, or just type a couple of key words into the search bar and you'll be directed to the most relevant articles.  

We would love your feedback on how you find using our support site. Are there topics you think we should add? Or more downloadable training modules you would like to see? If so, please get in touch with us at support@connectworks.com and let us know, or leave us a message in the comments section at the bottom of the relevant article. 

While we've made it easier to find support online, you can still talk to a real person based in New Zealand if you ever need to by calling 0800 456 580.

New Assets and Liabilities functionality (Trusts) is live
The upgraded Assets and Liabilities module has been live for a few weeks now. We've had great feedback from users about it being more flexible and comprehensive. Find out more in one of our training webinars to be held on Tuesday 4th June and Friday 7th June. Registration links are at the bottom of this email.

More new features
Easily file annual returns for companies with extensive shareholdings
The Companies Office requires you to upload a list of all shareholders when filing the annual return for companies with extensive shareholding. This list can both be generated from Connectworks (if you have added the details of
all shareholders) and then e-filed from Connectworks to the Companies Office.

The filing process is different from that for other companies, so please see our support article Filing Annual Returns For Companies With Extensive Shareholding.

Address Fields
You may notice some changes to address fields. This is in preparation to integrate with the NZ Postal Address File (PAF) system. Using this system will greatly improve the speed and accuracy with which addresses can be recorded.

Extended Power of Appointment text field (Trusts)
Extended from 250 to 1000 characters to allow users to record all the details for those complex arrangements.

Linked selection of PEP status to requirement for source of funds information (AML/CFT)
When completing the PEP & Source of Funds section for a CDD Candidate, if a user indicates that the CDD Candidate is not a politically exposed person, the flag indicating that source of funds information is not required is now automatically selected.

Added ‘Trust’ to CDD Risk Assessment (AML/CFT).
‘Trust’ has been added to the list of identifiable AML/CFT risks. It is pre-selected in all cases where the CDD is being performed on a trust.

Identity Verification in Connectworks for AML/CFT compliance
We’ve been looking at overall usage data around identity verifications in Connectworks and noticed that sometimes the final step, making an identity determination, has not been completed. The AML/CFT Act requires reporting entities to both acquire and verify identity information about their clients.

Connectworks provides a three-step process for identity verification:

  1. Record identity information in a person’s Connectworks profile;

  2. Gather evidence confirming the veracity of that information;

  3. Make a determination that the identity information belongs to the person claiming it.

Once the determination has been made, the verified identity record can then be reused when performing due diligence on any additional entities the person is involved in.

To find out more about the Connectworks identity verification process, read our article here.

If you would like an excel report listing all of your firms contacts with identity evidence loaded but no determination made, just get in touch with us at support@connectworks.com and we would be happy to provide this.  

Law Society Trusts Conference
We'll be at the Law Society Trust Conference in Wellington on June 17/18 and Auckland on June 24/25. Come by and say hello.

Webinars 
We use GoToWebinar - simply register for this months live sessions below. You are also welcome to visit our Training Video Platform to view recordings of our most popular topics at your own pace. If you would like to arrange a one-on-one training webinar for your firm get in touch with us at enquire@connectworks.com

Trusts overview
A high level overview on all trust & trustee company functionality. 45mins. 
Wed 5th June @ 2pm - Register

Trust Assets & Liabilities
Learn how to use the new Trust Assets & Liabilities functionality in Connectworks. 30mins.
Wed 5th June @ 10am - Register

Companies overview
A high level overview on all company functionality including annual return processing. 45mins. 
Thurs 6th June @ 10.30am - Register

AML/CFT in Connectworks
Learn how to manage your AML obligations in Connectworks. 30mins.
Thurs 6th Jun @ 3pm - Register


Quote of the month
"All progress takes place outside the comfort zone."
- Michael John Bobak

April two minute update

April 2019 two minute update.jpg

Upgraded Assets and Liabilities (Trusts)
As previously outlined, the team has been working hard to make managing Assets and Liabilities easier and more robust. New features include:

  • Making the recording of balancing account movements optional.

  • Allowing accounts to be created during the process of recording transactions.

  • A new transaction type for recording capital additions or removals.

  • Improved abilities to modify created records. 

We're ready to go live on Tuesday 7th May. To give users a head start we have made the support site information available now, you can see more here.

We're also running training webinars at the following times:
Thursday 9th May @ 2.30pm - Register
Monday 20th May @11am - Register
Following this a recorded webinar will be made available on our Training Video Platform.
 

New Client Due Diligence reports available
We think that some firms are going to find compiling their first DIA annual reports onerous. For Connectworks users, help is at hand. Two new .csv reports are now available within the Connectworks AML Compliance module.

TheCDD Reportcontains CDD information for each of your clients, including the nature & purpose of your business relationship, address and jurisdiction of incorporation (where required), and any identified risks posed by the client. This report can be used to answer a number of questions required for the DIA’s annual AML/CFT report. See the webinar links below to register for one of our AML/CFT overview webinars and find out more.

TheCDD Status Reporthelps you track the performance of CDD across your client base. It shows the stage of the Connectworks CDD workflow that each client is at, as well as other useful information such as the level of CDD performed and the date to review or repeat CDD.

Both reports can be downloaded from the "I would like to…" menu of a firm’s AML Compliance section (screenshot below).




Special rates for Connectworks users for independent AML/CFT audits booked before 31 May, 2019
Fiducia, AML/CFT compliance specialists, is partnering with Connectworks to offer Connectworks customers an exclusive Independent AML/CFT Audit Package.

Fiducia knows that AML/CFT compliance can be confusing and costly. Costs can also be significantly higher for businesses outside of the main city centres where Auditors have to travel to undertake the Audit. 

To make life easy for your business, Fiducia has designed a special Remote Independent AML/CFT Audit Package.  This package will give you a plain English, super practical report that does not shy away from the reality of what you need to know as a business about your current AML/CFT compliance regime.

Fiducia are able to undertake the audit remotely using screen sharing technology to view the CDD for your clients in Connectworks, therefore passing the savings back to you. 

In June/July 2020 over 5000 businesses will have to have completed their Independent AML/CFT Audit.  Get on top of it and book in your Independent AML/CFT Audit with Fiducia right now to claim this special offer. 

Click here to see what Fiducia can do for you.




Printable CDD checklist
It's a good idea for all of your staff to be aware of what information is required in order to do CDD on clients before you start the process in Connectworks. We've therefore produced a handy, printable CDD Checklist that you can download here


Webinars 
We use GoToWebinar - simply register for this months live sessions below. You are also welcome to visit our Training Video Platform to view recordings of our most popular topics at your own pace. If you would like to arrange a one-on-one training webinar for your firm get in touch with us at enquire@connectworks.com

Trusts overview
For those that haven't seen or are very new to trusts this is a high level overview on all functionality. 45mins. 
Thursday 9th May @ 10.30am - 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. 45mins. 
Monday 6th May @ 2.00pm - Register 

AML/CFT in Connectworks
Learn how to manage your AML obligations in Connectworks. 30mins.
Monday 6th May @ 10.30am  - Register  
Thursday 16th May @ 10am - Register

Trust Assets & Liabilities
Learn how to use the new Trust Assets & Liabilities functionality in Connectworks. 30mins.
Thursday 9th May @ 2.30pm - Register
Monday 20th May @11am - Register

Quote of the month 
"The most precious thing that we all have with us is time"
- Steve Jobs