July two minute update

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AML/CFT enhancements
Experts say Connectworks has the most comprehensive AML/CFT solution around, but we're not stopping there. In the upcoming month we're making a release of two major features:

The first is the ability to select companies and trusts as CDD Candidates, and then link their completed CDD records into the CDD of other entities they're involved in.

So for example: 'Company A' is a shareholder of several other companies. Once you have completed CDD on 'Company A' you will be able to easily re-use the determination you made when doing CDD on the other companies which it has an ownership stake in, or control of. The ability to re-use a prior CDD determination will be available for any company, trust or individual. This will help firms to eliminate double handling data. Simply complete the CDD process once and it will be available to use across all roles in multiple entities.

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The second change is that users can specify a party’s AML-relevant relationship to a client at the same time as selecting the party as a CDD candidate. i.e. the reason for that person being a CDD candidate. This is being done to better align the CDD process in Connectworks with the requirements of the AML/CFT legislation. Relationships that can be selected are:

  • Effective control

  • Authority to act

  • Transactions conducted on behalf

  • >25% ownership (companies only)

  • Other

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More than one reason can be selected. Once the reason/s for undertaking CDD are selected fields relating to each will show, where users can record relevant information. We will communicate with existing users closer to the release date detailing what has changed and how to complete CDD that is still in progress. 

We're still working on a number of additional enhancements including the ability to drill through ownership structures to identify ultimate beneficial ownership by natural persons, an "AML Compliance Officer" user role, providing access to independent guidance on country risks and more.

More AML/CFT webinars
Learn how to manage your AML obligations in Connectworks (30mins). We're still getting record attendance numbers for our AML/CFT webinars, so have scheduled three more. Click the links below to register:
Friday 2nd August @ 11am - Register
Tuesday 6th August @ 2pm - Register
Thursday 8th August @ 10am - Register

New features and reports - Assets and Liabilities (Trusts)
A new "Account filter" has been added to the Assets & Liabilities reports.
This account filter will allow users to select the account/s that will populate into the Assets & Liabilities ledger reports. Cases where this filter may be used include: excluding fully-gifted debt accounts from the Debt & Gifting report, or reporting on distributions made to specific beneficiaries. 

Edit Assets & Liabilities reports in situ. This functionality has been added to allow users to edit entries and accounts in Assets & Liabilities reports from the Reports page itself (screenshot below). This will make editing information before generating reports much faster and easier. 

Two new reports are also available: Assets Bought and Sold, and Financial Position.

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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. 
Friday 9th August @ 1pm - Register

Trusts overview
A high level overview on all trust & trustee company functionality. 45mins.
Wednesday 7th August @ 1pm - Register

Training for existing users
This month we are running three 30-min sessions on document management, starting with the basics and building up to advanced usage. Register for just one webinar or all three, it's free to attend! We will provide handouts for each session to registrants on the day.

Session 1: The basics of document management
Tuesday 13th August @ 3pm - Register

  • Uploading historic documents (Companies & Trusts)

  • Document Tagging and filtering

  • Document naming convention

  • Downloading documents

Session 2: Client engagement
Tuesday 20th August @ 3pm - Register

  • Emailing documents

  • Using precedents

  • Three methods of signing

Session 3: Advanced document signing
Tuesday 27th August @ 3pm - Register

  • Setting signing policies

  • Document signing when a trustee/shareholder is a company or a trust

Quote of the month
"Tough times go away. Tough people do not."
- Walter Payton