AML/CFT September Newsletter
In this Newsletter:
- AML/CFT in New Zealand
- AML Summit 2019
- AML for Real Estate
- In the news
- Training – In-house
- Training – Open courses
- Online training for Lawyers and Accountants
- Staff promotions
1. AML/CFT in New ZealandThe AML/CFT regime in New Zealand is continuing to mature and we have recently seen new developments in the eIV space, more guidance from DIA, and Law Firms struggling to become compliant from July 2018. Accounting firms need to be complaint from next Monday 1 October and Real Estate agents from 1 January 2019.
AML Solutions have assisted well over 100 Law or Accounting firms to become compliant and all have introduced new documents and procedures to address the AML/CFT legislation for the first time. Compliance Officers in these firms have needed to be strong to ensure good training for Partners/staff and adherence to new procedures. Some firms have elected to introduce electronic identity verification (eIV) solutions into their CDD procedures in an attempt to save time. Costs of these solutions are typically being passed on as client disbursements.
The eIV providers have now started to introduce additional checking measures and these include document authentication and facial matching. While this is relatively new technology this will become more common as these technologies advance and provide good and reliable alternatives to time consuming manual verification.
AML Solutions has also been assisting phase 1 entities with AML Audits and many have now had their third audit. We have definitely seen a high level of AML maturity in these firms after 5 years of operating under the AML/CFT legislation. Finding experienced AML staff does prove to be an ongoing battle and many firms are training AML staff and Compliance Officers both in-house and externally. Please do contact us if you would like to discuss any staff or AMLCO training requirements.
2. AML SUMMIT 2019 – Auckland Conference
We are preparing for our AML SUMMIT annual conference which will be held at Auckland’s SKYCITY Convention Centre in 2019.
Please save Tuesday 26 March 2019 in your schedule. Further conference and ticket details will be available soon on our website.
3. AML for Real Estate
AML Solutions is working with the real estate industry as the REINZ preferred AML compliance solution provider. We are working with the majority of the large and medium sized brands and providing guidance, documentation, training and an online AMLHub. We will be writing a case study on this project early next year after their deadline of 1 January 2019 as there are unique complexities with this sector we have not seen in the other 35 AML sectors.
For those in Real Estate that have not registered yet, please do so ASAP so we can assist before 1 Jan:
Nationwide Training – 28 cities!
In conjunction with REINZ we are also rolling out training courses for Real Estate sales staff, compliance officers, management and administration staff from October through to December. This involves training in 28 cities throughout New Zealand. All information is available on the AML Solutions website and information/registration is available through the REINZ website.
4. In the news
How Chinese gangs are laundering drug money through Vancouver real estate
Criminal syndicates that control chemical factories in China’s booming Guangdong province are shipping narcotics, including fentanyl, to Vancouver, washing the drug sales in British Columbia’s casinos and high-priced real estate, and transferring laundered funds back to Chinese factories to repeat this deadly trade cycle, a Global News investigation shows.
Pakistan enacts ambitious reforms to comply with FATF
Pakistan has committed to an ambitious 26-point action plan spanning a period of 15 months to avoid being blacklisted by the Financial Action Task Force.
5. Training – In-house
We can provide AML training at all levels to your team and at your place of work. Whether you are interested in a refresher course or an intensive workshop, we can deliver a customised workshop tailored to your particular needs and industry.
Available courses include:
- Introduction to AML/CFT
- Refresher Courses
- Customer Due Diligence
- Red Flags
To register your interest for in-house training, please email email@example.com
6. Training – Open courses
Our public courses contain content designed to aid attendees understand their and their company’s obligations under the AML/CFT legislation. For example, current courses include Compliance Officer training and Customer Due Diligence training.
These half-day courses include engaging exercises that have practical application and showcase relevant case studies to enhance the learning process.
We have limited spaces available for our October dates so make sure you book in as soon as possible.
Dates of upcoming AML/CFT Training Courses:
Wellington – 11 October
Auckland – 31 October
Christchurch – 14 November
Customer Due Diligence
Auckland – 24 October
Christchurch – 6 November
Wellington – 6 December
Our eLearning platform allows those training in AML/CFT to study from the comfort of their own home or office, with the luxury of completing course material in their own time. We currently have five open modules available, and many more tailored specifically for various clients. The open modules have been developed and designed by AML Solutions and covers the New Zealand AML/CFT legislation and Supervisor guidance.
8. Online training for Lawyers and Accountants
We have two online training courses available tailored specifically for Lawyers and Accountants. Please head to our website for more information.
9. AML Solutions staff promotions
We are pleased to announce that Tijana is now heading our AML Audit division.
Tijana has now completed over 150 AML Audits in New Zealand, Australia, Samoa, or Vanuatu for AML Solutions and recently became CAMS-Audit certified. Tijana is regarded as one of New Zealand’s leading AML Auditors and will be giving her insights to audit trends and expectations at the AML SUMMIT conference next March. firstname.lastname@example.org
Christian Lambert and Genelle David
Christian and Genelle have recently been promoted to Senior Consultants and have assisted well over 200 entities with AML compliance, audits or training. Both Christian and Genelle have travelled throughout the country this year and would welcome an opportunity to assist you either onsite or over Zoom/Skype calls.