In this update…
- Xero Practice Manager (XPM) – 2Shakes improved its XPM integration to streamline your onboarding workflow.
- AML Findings – The most common mistakes we find and what you can do about them.
- Free PEP Webinar – Sign up to find out about Politically Exposed Person checks and what you need to know to avoid getting caught out.
- Identity findings: The latest NZ research findings on digital identity and what it means for your business.
- 2Tips: A couple of tips to make 2Shakes even better for you.
Improved Xero Practice Manager Integration
Key AML Findings
In working with practices who are AML reporting entities we have noticed some common mistakes that keep catching people out. Given DIA released their key findings here, we thought we could do the same
Here is our list of findings and what you can do about them:
1. Missing PEP checks: You must perform a foreign Politically Exposed Person check on every individual who is a customer or beneficial owner. But ‘Foreign’ has been incorrectly interpreted by some to mean ‘Foreign Individuals’. It actually refers to all individuals but only their PEP status in ‘Foreign countries’. If you have got caught out by this – the good news is it is really easy to get compliant! Sign up for our PEP webinar to find out more
2. Manual Identity Verification: One option to confirm identity is to meet in person to view someone’s identity documents. But while a Passport is sufficient on its own, DIA require a Driver License to be supplemented with another form of ID. If you didn’t realise this, it is quick and easy verify it against the NZTA driver license database using 2Shakes. Contact us to find out more
3. Trusts: There are a bunch of additional requirements for Customer Due Diligence on Trusts. Make sure you are recording the information you need. Find out more about capturing trust data in 2Shakes
4. Vetting Staff: Many have found it unclear what staff vetting is required. What is appropriate? What to do for existing staff? The AML Compliance Office, Senior Managers and all staff carrying out AML activities need to be vetted – including existing staff. The vetting you carry out can be based on risk – just make sure you document your process in your AML Programme. You can run credit checks, identity checks, sanctions and watchlist checks on your staff quickly and easily using the 2Shakes Centrix portal. Contact us to find out more
5. Complex or unusual transactions: We have found that many reporting entities haven’t outlined how they will identify and deal with complex or unusually large client transactions. You need to describe how you will keep an eye out for complex or unusual patterns of transactions that have no apparent economic or visible lawful purpose, as well as what you’ll do if you find them.
Politically Exposed Person (PEP) Checks for less than a latte
With so many kiwis returning from overseas, doing PEP checks are even more important now. We are running a free AML PEP Webinar. Make sure you are in the know. Sign up to join us on the 7th October at 10:30 for 15 minutes on completing PEP checks in 2Shakes.
We will cover:
- Why PEP checks are necessary
- When PEP checks should be done
- Step-by-step completion of a PEP check
- What the report tells you
- What to do if there is a PEP hit
Sign up now. Numbers are limited!
NZ Identity Research Findings
2Shakes in conjunction DIA, ASB and others is very proud to have supported NZ’s annual research for Digital Identity NZ. It found that more and more kiwis want to go online, but they have rising expectations for businesses to take responsibility for protecting their personal data. Read more here
Save Updates We have added a new Save Updates button on the AML page. You can now save data before you leave the page, or if you are adding tons of information in one go.
Did you know that you can run staff vetting checks quickly and easily using the 2Shakes Centrix portal? You can run credit checks, identity checks, sanctions & watch list checks to help you vet your staff.