The first phase of our Client Due Diligence (CDD) workflow is due to go live next week! This means you will have a single space for managing and performing CDD on all your clients in Connectworks. The new CDD workflow will replace and combine the existing AML fields that currently sit within each client’s profile. We’ll be providing more information and guidance materials over the coming weekend, keep an eye out for further details.
Electronic Identity Verification - Overview and setup requirements
From next week, Connectworks will also begin offering access to a range of electronic identity information and verification services provided by Centrix, a New Zealand owned and operated consumer identification service.
Earlier this week we emailed all registered firm administrators detailing the services that will be available, pricing and the setup steps that need to be taken in order to be able to access them. If you didn’t receive the email, a copy is available here. If you would like to register as a firm administrator to receive future updates about ongoing enhancements, new features, and critical alerts for active Connectworks users, please subscribe here.
The core service will centre on easily requesting, receiving and storing Centrix Smart ID checks directly from Connectworks. Centrix Smart ID is an electronic identity verification service for verifying name, address and date of birth data.
A Smart ID check will be able to be created within the Identity Information section of a person’s Connectworks profile, in much the same way as driver license and passport records can currently be created.
You will have to enter a person’s name (first and last), date of birth and address, together with either their driver licence details (number, version number, and expiration date) or passport details (nationality, passport number, and expiration date). Connectworks will then link to Centrix to perform the check, which will only take a few seconds to complete. The results will be automatically received back into Connectworks, displaying the pieces of identity information that were able to be verified. A .pdf report will also be produced, which can then be downloaded. On the basis of the evidence received, you will then be able to indicate whether you consider the person’s identity to be sufficiently verified.
Fees & Billing
Smart ID with Driver Licence $5.00 NZD (ex. GST)
Smart ID with Passport $6.00 NZD (ex. GST)
See additional requirements below
PEP/Sanctions check search only $1.00 NZD (ex. GST)
All prices are on a per-check basis, and are irrespective of the result. Every time you run an ID check, Connectworks will record it. A monthly invoice will then be raised for all fees incurred.
The ability to perform identity checks for non-NZ nationals is in progress, we'll let you know when this function becomes available and the cost associated.
Verifications using a driver licence will be easier & cheaper than using passports
In order to use Centrix’s Smart ID electronic identity verification services in Connectworks, you must download and complete the below forms, then return to firstname.lastname@example.org
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 DIA 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). Yes, that's the same DIA who made you an AML/CFT reporting entity and put the CDD requirements in place!
When performing a Smart ID check you will be required to tick a box confirming you have obtained consent from the individual you intend to perform the check on. We recommend you engage with your clients to advise them of these requirements.
If you have any questions, please contact Connectworks on 0800 456 580 or email email@example.com
Identity verification via ID documents - available now
If you're going to be verifying some, or all, of your client’s identities by sighting original proof of identity documents, or using certified documents, you can now enter the details and scanned copies of documents. More information can be foundhere.
As mentioned above, we will also be adding a PEP and sanctions check-only option for $1 per individual, so you’ll easily be able add this component to any manual ID verifications.
Recording beneficial ownership - available now
Fields for recording all the required information regarding beneficial owners are in place. Click here for further details and instructions on using this feature.
Business Relationship with Tax Pooling Solutions (TPS)
We have entered into a Business Relationship with Tax Pooling Solutions (TPS) to enable the sharing of CDD information for common clients, to satisfy AML obligations.
Tax Pooling intermediaries are required to undertake CDD for their customers. By using both Connectworks and TPS you can reduce the time and cost of providing CDD information to more than one recipient.
Where your clients' information is uploaded to Connectworks and the same clients are also registered with TPS, after providing your consent the necessary CDD information will be automatically 'pushed' through to TPS, making it seamless for you to use TPS as a tax pooling intermediary.
For more information on TPS you can visit their website here and register. You are welcome to email firstname.lastname@example.org or call on 09 948 8833 for any queries you might have.
New subscription plans available for an AML/CFT solution for every client
If you're already using Connectworks for managing your companies and/or trusts, all AML/CFT functionality is included at no additional cost to your existing subscriptions.
AML/CFT-only subscriptions are just $5 per client, per annum (company, trust, individual etc.).
If you have clients that you don't have on-going relationships with, there is an option of a 6-year AML/CFT plan for $25. This enables you to complete the CDD and meet the 5-year record keeping requirements. If clients do return, existing CDD can be easily accessed, updated if required and the subscription extended.
All prices exclude GST and the cost of any client identity checks undertaken via Connectworks (prices outlined in Fees & Billing section above).
Real Estate agents as clients?
Real Estate agents become AML/CFT reporting entities on 1 January. If you have any as clients who are looking for a comprehensive but easy and low-cost AML/CFT solution, we'd love to hear from them. Please email@example.com
Upgrade to Annual Return verifications and e-filing
We've redesigned our Annual Returns workflow to improve the way the list of returns can be filtered and viewed. This is due to go live next week. We’ll send some guidance to the registered firm administrators to explain the new features. Don't forget to subscribe if you would like to receive administrator updates.
New login-free signing option
Firms have told us that some of their clients don't want to create a Connectworks account if they're only signing, and doing so infrequently. So we now have a login-free signing option. If you choose to use it, unregistered clients can only access the options of e-drawing a signature, or uploading a scan of a wet-signed document. The current method which allows clients to save a signature securely in Connectworks and insert it, will not be available. They also won't be able to access documents they've signed previously, or see your firms branded portal.
As well as having the most flexible signing around, any document can be signed via Connectworks, not just ones generated from our precedents. And there's no limited on the number that can be signed.
Christchurch-based loading contractor wanted
We're looking for a new person in Christchurch to help firms load data and documents into Connectworks, on an as-required basis. If you know anyone potentially suitable, please have them email firstname.lastname@example.org for more information.
We now use GoToWebinars, so no need to email us for details, just click on the link to register.
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.
Tuesday 9th Oct @ 2pm - Register
For those that haven't seen or are very new to trusts this is a high level overview on all functionality.
Tuesday 16th Oct @ 2pm - Register
Companies - Basic Training
Covering all the basics. Importing a company, updating information, uploading documents, contact management, interest register and more.
Wednesday 10th Oct @ 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.
Thursday 11th Oct @ 9.30 - Register
Share Register Management
Learn how to create compliant share registers using Connectworks.
Wednesday 17th Oct @ 1pm - Register
Trust Set up and Administration
How to set up a trust in Connectworks and manage its associated parties.
Thursday 18th Oct @ 9.30am - Register
Precedents & Signing
How to use Connectworks precedents to generate documents and send them to clients for signing. Covers companies & trusts.
Thursday 18th Oct @ 2pm - Register