November two minute update

November 2 minute update.jpg

Revised Terms of Service and Privacy Policy
We've updated our Terms of Service and Privacy Policy to make things clearer, and as a result of GDPR and the storage of more personal data due to our new AML/CFT functionality. These take effect from 1 December 2018, meaning users will have to accept the new policies the first time the log in after this date. The main changes are as follows: 
More transparency about the data we collect (what, why, and how)
We’ve added new sections to our Privacy Policy to more clearly explain the kinds of personal data we capture, why and how we capture it, and how it’s used. Please note that nothing’s changed with the collection of data itself, just with the text of the policy.
We want our users to know their rights
We’ve also added a section on the rights users have in relation to our collection of their personal data.
GDPR
The EU General Data Protection Regulation (GDPR) came into effect in May. GDPR places requirements on the ways the personal data of EU citizens can be transferred to and processed in countries outside the EU. Because Connectworks services are available world-wide, the use of Connectworks may fall under GDPR. We’ve therefore updated our policies to reflect this.
 
Your current AML/CFT system may seem easy until....
...you also consider how easy it will be to complete your Annual Reports to DIA each year, plus the ease (and therefore potentially the cost) of being audited.

Connectworks makes CDD easy, with clients set-up in minutes (if they're not already in Connectworks), a workflow process that take users through the determined level of CDD, integrated ID checks that are easy and cheap to run, and/or the ability to record the results of manual checks.

Importantly, we make the oversight of your firm, your DIA reporting and audits easier too. Section 2A of the AML/CFT Regulations outlines the reporting requirements for accountants and lawyers. As comprehensive client data is being recorded in Connectworks, it will be able to be extracted using three reports to help your easily compile the information required under 2A - section 8.

Similarly, when you are audited (at least every 2 years), the auditor will be able to easily see all clients where CDD is underway or has been completed, plus find any specific client then see a summary or detail of the CDD process completed.    
 
Do you know Real Estate agents looking for AML/CFT software? 
Real estate agents become reporting entities on Jan 1st 2019. We're offering Connectworks as an AML/CFT-only solution for the real estate industry (turning off the entity management functionality). We're rewarding referrers with wine or beer to say 'thanks'. Plus, if the real estate agents undertake ID checks on clients the resulting Centrix SmartID certificate could be shared with your firm, saving you time and money.  
 
Start 2019 with a better Annual Return process.
In our thoroughly unbiased opinion Connectworks has lots of great functionality for companies! The ability to easily facilitate clients to verify their annual return details, then for your firm to update them in Connectworks and simultaneously at the Companies Office (if required), then individually or bulk e-file annual returns is one of the most popular features. As you finish your return process for this year, you may want to see how easy it would be to do them via Connectworks in 2019. Please see the webinar details below and get in touch if you would like to upgrade your annual return process in the New Year.
 

Webinars
We use GoToWebinars, just click on the links below to register. 

AML/CFT
Learn how to manage your AML obligations in Connectworks. 20min.
Wednesday 5th Dec @ 2pm - Register
Thursday 13th Dec @ 10am - 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.
Wed 12th Dec @ 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.
Monday 10th Dec @ 10am - Register

Companies - Basic Training 
Covering all the basics. Importing a company, updating information, uploading documents, contact management, interest register and more. 60min.
Monday 10th Dec @ 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.
Wednesday 12th Dec @ 12pm - Register

Precedents & Signing 
How to use Connectworks precedents to generate documents and send them to clients for signing. Covers companies & trusts. 30min.
Wednesday 19th Dec @ 11am - Register

Shareholding Management 
Learn how to create and maintain compliant share registers using Connectworks. 30min.
Watch the recording here

Trust Set up and Administration
How to set up a trust in Connectworks and manage its associated parties. 30min.
Watch the recording here
And download our new Training Module Workbook which sits along-side the video.


Quote of the Month
"Intelligence is the ability to adapt to change." - Stephen Hawking

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