AML for the Accounting Sector – It’s here!

This means if you are managing client funds or give instructions on transactions in relation to a legal entity (such as a company) you are an AML reporting entity.  You must complete Customer Due Diligence (CDD) on all new customers before you can provide in scope services. Other activities are in scope too. Please review page 8 of DIA’s Accounting Sector Guideance and DIA’s Bookkeepers explanatory note for more details.


As well as any new customers, DIA also recommends that you complete CDD checks on your existing (in-scope) customers over the next 18 months.  With high risk customers (as defined by your AML risk assessment and AML programme) completed in the first 6 months.

Don’t worry, 2Shakes helps with your customer CDD checks and records! Use 2Shakes to do your AML CDD checks as part of a slick & professional onboarding process! Sign up to try 2Shakes for Free.  2Shakes saves hours and hours of administration work. Don’t take our word for it.  Listen to some testimonials from 2Shakes users. And huge thanks to all our customers who took part in the video!

More useful AML links

2Shakes AML Information

Opportunities for you to offer AML services?

With change comes opportunities. You might consider offering services to help others with their AML compliance.

Reviewing others AML programmes
Your AML/CFT programme needs to be audited by an independent and suitably qualified person every two years. Please note CAANZ requires Chartered Accountants to use an auditor who is a CA with a Certificate in Public Practice and appropriate auditing experience.  This requirement does not apply for bookkeepers, tax agents and other non-CAANZ businesses.

The opportunity:  Review DIA Audit guidelines and determine if you might offer services to other bookkeepers or tax agents to audit their AML programme & Risk assessment.

Help For Real Estate Agents with AML & CDD
AML/CFT Phase 2 rolls out from 1 January 2019 to Real Estate Agents.  If you provide accounting services to a Real Estate Agent, then you might be able to offer them services to help them comply with AML. That could include signing them up to 2Shakes to help them do AML CDD checks on their clients.

The opportunity:  See below about joining 2Shakes’ new Partner Programme.  You can provide your customers with 2Shakes to help them onboard their clients and do AML checks.  Your clients save time and hassle in their onboarding, as well as getting great help meeting their AML CDD compliance,  and you get rewarded for helping them.

 

2Shakes Partner Program

Recently 2Shakes has been asked more and more questions like:

“Can I use 2Shakes for my clients as well?
I look after the accounts for an electrician who really needs to get his Ts&Cs and fees signed off with his customers.
2Shakes would really help….”

If you have customers who need a tool to help them sign up their clients, then 2Shakes might be just what they need!  2Shakes looks after Ts&Cs, services and fees, gets the Agreement electronically signed, and automates all the paperwork and emails. Businesses can use 2Shakes to easily take on new work, and get to doing that work much faster. They can even upload 1-page PDF documents to be signed as well.  It’s all done electronically, and they can choose to do ID verification as well. Of course, if they need to comply with AML then 2Shakes will help them with that too.

If you have clients that would benefit from less admin, easier onboarding, and the assurance of having work agreed for and signed off properly, then please let us know by Registering your interest in joining the Partner Program.

 

Getting Out & About

We love getting out and about, working with professional bodies in the accounting sector. Thanks so much to everyone who has come to or will be coming to the sessions – your contributions and feedback are always fantastic.

Chartered Accountants (CAANZ)
This month 2Shakes presented to CAANZ members in Rotorua and Tauranga on AML, to help more practices get ready for AML.  They were great sessions, and thanks heaps to CAANZ for making this possible.  We followed up with webinars where we could go into more detail, and do a demonstration of how 2Shakes can help.

 

NZ Bookkeepers (ICUNZBAI)
2Shakes also participated in a webinar with the NZ Bookkeepers (now the Institute of Certified NZ Bookkeepers), along with AML Solutions International.  There was a great turnout on the day, and may more members have been able to watch the recording on their member website.

 

Accountants & Tax Agents (ATAINZ)
2Shakes are presenting to ATAINZ (Accountants and Tax Agents Institute of NZ) members on the 31st October in Palmerston North.  We have been working more and more with Tax Agents and are really looking forward to getting to know the group better, and helping them understand and meet their AML compliance.

 

And a big Thank You to…

2Shakes presented back to both the Working Group and the Steering Group of the Innovation Fund powered by Westpac and All of Government. The support of this fund, along with Callaghan Innovation and the Data Futures Partnership, enabled us to build our AML extensions and deliver them to help as many businesses as possible.  Thanks very much to everyone involved for your support.