We have now launched our Anti Money Laundering (AML/CFT) extensions into production – yay! 2Shakes have extended our onboarding software to help you comply with AML/CFT legislation. Want to find out more? Take a look at what Sue Pak from Xero has to say about 2Shakes in her blog post. Or contact 2Shakes to request a demo or to participate in one of our FREE 30 minute webinairs.
What you need to do
For affected practices, to comply with AML/CFT you will need to assess your practice’s risk, set up an AML programme to address and mitigate the risk, including appointing an AML compliance officer, vetting & training staff, and keeping records. You need to determine each customer’s Risk level, the Nature & Purpose of the business relationship, and perform Customer Due Diligence on them. You will also need to monitor client activities and provide information / reports to DIA (as well as NZ Police), review your programme anually, and have it audited every 2 years.
If you provide AML in-scope services you must have your programme in place by 1 October this year. There’s work to do – but we can help: 2Shakes has been working with loads of industry experts. There are some great people, organisations and resources available to get you compliant.
Are you an Accountant, Tax Agent or Bookkeeping Practice who wants to put your AML/CFT programme together yourself? Then Aro Advisers can help with a package of resources focused specifically on the accounting sector. These resources can save you days and days of effort. Aro Advisers also show you their own documents as examples. Aro Advisers are well established 2Shakes users, so you can see how they have incorporated our software into their AML programme.
2Shakes discount on Aro Advisers AML package.
Are you a bigger practice wanting to engage an experienced AML consultant? Then you could contact Compliance Plus. Well established with a legal background and a wealth of AML experience they can help with all facets of AML including some of those curly questions you might have. Compliance Plus can also provide AML staff training, and pre-audit reviews.
Are you a member of CAANZ (Chartered Accountants Australia & New Zealand)?
CAANZ have created AML guidance documents and webinairs for their members.
Do you need an independant and appropriately qualified AML Auditor?
Silks Audit are a firm of experienced Accounting & AML auditors. Silks Audit are available to perform your AML/CFT programme two yearly audit. Using 2Shakes means that Silks Audit can offer a 20 – 25% discount on your AML audits, because Cameron and the team understand the 2Shakes and can access your 2Shakes AML records remotely. Remember – although your first audit is in 2 years’ time, it is really valuable to discuss your programme with an auditor as early as you can, and make sure you are covering your compliance requirements.
Get started now – to be ready by 1 October
If you are affected by AML Phase 2 don’t put off getting ready. If you deliver in-scope services then you’ll need to comply. 2Shakes software will help! And remember you can try 2Shakes for free!
And huge thanks again to the organisations that have supported the 2Shakes AML extensions, in particular Data Futures Partnership, Callaghan Innovation and the Innovation Fund Powered by Westpac and All of Government.
How’s your end of financial year?
We are lucky to have GoFi8ure supporting 2Shakes by doing our books, so our GST and annual return is sorted already! Thanks to Lisa, Tania, and all the team at GoFi8ure.
Mike with Lisa Martin from GoFi8ure – books done and gifts – awesome!
More Feature Updates – We’ve been busy!
The latest releases of 2Shakes included a bunch of updates and features that will be useful for everyone, regardless of whether you need to do AML or not.
New Agreement Management Page
The current Agreement Details page becomes a part of the new Agreement Management page. This page allows you to fully manage Agreements from Signing in Progress onwards. You can see the status of the Agreement and any actions needed, and better manage the individual Signing and Identity Verification status for each person. Find more about the Agreement Management page here.
Identity Verification (IDV)
Identity Verification (IDV) is useful for more than just AML. You can choose to complete IDV for any person on a 2Shakes agreement regardless of wheather it is an AML agreement or not.
Notes & Files
A new Notes & Files button will now show on each screen on the sign up. This allows you to store any notes or files against your client during and after sign up. Useful to capture additional information like accounting basis, filing dates, your AML Customer Due Diligence activity narrative, and much more.
Improved Client Signing Experience
We have made some updates to the email signing process to make it easier for your clients to sign using 2Shakes. You can now edit both the signing email and the agreement email (yay!)and we have tweaked the email to make it easier for clients to spot the signing email in their inbox. We have also made it easier for users to enter their IRD number, and now show the IRD number next to the parties on signed agreements.
Credit Card Payments: You can now pay for 2Shakes using Credit Cards. When you reach the end of your 10 free agreement trial, or when you use electronic IDV, you will be prompted to enter your credit card details to proceed. 2Shakes integrates with Stripe, so payment information is secure. Read more about how Credit Card Payments work here.
BASE CRM integration: 2Shakes now intergrates with the BASE CRM system. If your practice uses BASE you can now push a deal from BASE into 2Shakes using a BASE Smart Link to create your agreement. 2Shakes will then complete your agreement documents, authorities and AML requirements. Then you can push the new client details along with Agreement documentation into Xero Practice Manager.
Westpac Bank Referrals
Do you ever have customers that are still using their personal bank accounts to conduct business through? Or that may need other banking services? We are working with Westpac to include a simple and useful option to send a request from your client to be contacted by the Westpac Business On Demand team.
2Shakes – Out and About
As always 2Shakes have been out and about spreading the word. 2Shakes also took a trip over to the UK to explore how bookeepers and accountants operate on the other side of the globe. We found out tons about the UK’s Making Tax Digital initiative, and will be following up with lots of businesses and professional bodies over there.Will we see you at….?
- ICBNZBAI Bookkeepers Annual Conference
Are you a NZ Bookkeeper? Are you going to BookkeepCon18? 2Shakes will be up in Hamilton on 27 and 28 July 2018 to present along with DIA and the President of the Association on AML. We love going to this event every year, and like last year we will have a booth again. So hopefully we will meet up with you if you are going. We are working on a special something for visitors to our booth – so please do come by, say Hello, get an 2Shakes AML demo, and you never know what you might leave with….
- New Plymouth CAANZ meeting – Tuesday 31st July 11am
We will be presenting with both Camerion Town from Silks Audit and with CAANZ to provide practical advice to their members on how to get prepared for AML Phase 2.
- 2Shakes Webinairs
We will be running 30 minute free webinars to explain how 2Shakes helps with AML and onboarding. Contact Mike@2shakes.co.nz if you would like to attend.
Did we see you here?
Wellington ICBNZBAI meet up
Ata caught up with some new and some experienced bookkeepers in Wellington to explain what they need to know to prepare for AML.
Whanganui CAANZ meeting
2Shakes presenting to Chartered Accountants in Whanganui on AML along with Silks Audit and CAANZ.
Palmerston North CAANZ meeting
2Shakes presenting to a larger group of Chartered Accountants in Palmerston North on AML again with Silks Audit and CAANZ.