AML Only

What is AML Only 
Clients don’t always want to create their Agreements, get Authority, and carry out AML Customer Due Diligence (CDD).  AML Only in 2Shakes lets any business carry out CDD – Bookkeepers, Accountants, Real Estate Agents, Lawyers, Financial Advisers, or any other business that needs to conduct CDD.  

What has changed
At the end of January 2019 we made several changes to 2Shakes to enable AML only to work with our Sign up agreements.  The main changes were:

  • The Dashboard (was previously called the Agreements screen)
  • The top Navigation Start menu, allowing you to select Sign Up or AML Only
  • The AML Only flow itself, with reduced steps and simpler options
  • Pricing terminology – from Agreements to Clients and Uses

The Dashboard
Replacing the Agreements screen, the Dashboard becomes the new landing page when you log into 2Shakes.  Icons let you easily see where you have done a Sign Up Agreement, a Sign Up Agreement with AML, or AML Only, see below:

Notice the AML Only status is AML in progress, rather than Signing in Progress. This becomes AML pending once IDVs are completed.
Also, you can see we have added new filters (Sign Up and AML) to the search function, so you can easily see what you need to work on.

Start Menu
The new Start menu replaces the Sign Up Client menu option: 

Start lets you choose between doing a Sign Up (with or without AML), and doing AML Only.
If you choose Sign Up, you’ll go though exactly the same process you have been doing in 2Shakes.
Alternatively, choose AML Only to launch the new process.

AML Only
When you choose AML Only, we’ve made things as familiar as possible:

  • As with Sign Up, you can still use NZBN to search as usual, or enter clients manually.
  • Rather than a Main Signatory, you select a Main Contact.  
  • As with a Main Signatory, you choose if the Main Contact is becoming an individual customer themselves, or only acting on behalf of the customer.
  • Once you’ve completed the first page (AML Customer List), you go straight to the AML Customer Due Diligence page.  No need to select CDD – for AML Only it is always selected.
  • Complete the AML CDD screen as usual, then Proceed to the IDV Method screen. This is equivalent to the Parties and Signatories screen in Sign Up, but much simpler.  
  •  When you Proceed to IDV, the AML Management screen appears.  It;s like the Agreement Management screen, but simpler, and CDD information shows by default.
  • While you are doing IDVs, the status will show as AML In Progress.  Once all IDVs are done, the status will change to AML Pending.
  •  Click CDD Complete when all your due diligence is done to move to Complete and know you can provide AML in scope services. 

Pricing Terminology
To reflect AML Only having no Agreement, we have updated the terminology on pricing. Note we have notchanged the pricing itself!
In 2Shakes, under My Account, we have replaced the word Agreement with either Client or Use, as appropriate. 
A Client/Use includes any number of entities for that client group processed in one go. So just like at present, it doesn’t matter how many entities you put through in one go, it still counts as a single Use.