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!

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.
Monday 11th July @ 3pm - Register