This 2Shakes update focuses to Anti-Money Laundering (AML/CFT). We are also releasing some software features to help with different versions of agreements created in 2Shakes.

It’s coming: Will AML impact you? 

AML Phase 2 legislation is rolling out in 2018. Deloitte estimate that most Accounting and Bookkeeping firms in NZ will need to comply. But most of the Accounting and Bookkeeping firms 2Shakes has talked to are either unaware, not prepared, or are hoping it won’t apply to them.  We want to help.

The big disclaimer
We want to help get the message out that affected businesses need to prepare for this legislation. BUT we are a software company, not AML consultants, and not lawyers. We are actively developing 2Shakes to include tools businesses will need to help them comply. We want to share things we have found out, and give you links where you can find out more. But we need to caveat that information by saying what we share comes with no warranties, guarantees or liability!

It depends what you do….

You don’t need to AML check every client – only clients that you provide certain ‘AML type’ services to.  For example, if you do client work with Companies office or manage client funds you will probably be considered a reporting entity and will need to comply with AML phase 2 legislation.  Regardless of the services you provide, you should check the service types to see if anything you do triggers complying with the legislation.

To comply with AML/CFT law you need to…

1. Set Up –  Perform a Risk Assessment, set up an AML Programme, and appoint an AML/CFT Compliance Officer.
2. Customer Due Diligence – Train staff on how to do Customer Due Diligence checks on customers
3. Report & Audit – Monitor & Report any suspicious activity as well as other transactions, file reports, and get an independent audit done every 2 years.

Customer Due Diligence with 2Shakes

With huge thanks to Callaghan Innovation and Data Futures Partnership, 2Shakes is building functionality to help you identity beneficial owners, to verify their identities and to record proof of your Customer Due Diligence activities. This embeds AML/CFT into your onboarding process. Helping you (and your staff) to capture the right information and decisions at the right time during your sign up process. Knowing that 2Shakes will store it in the cloud, where it will be available as an audit trail of compliance records.

2Shakes is working hard on both the technical and legal issues, and we are on track to have our first wave of AML enhancements ready for release late this year/early next year.  This will give our customers plenty of time to get up to speed and set up before the compliance comes into effect (the rollout is phased from July 2018 – see here for more detail).

Just like the new star wars movie – AML Phase 2 is coming. Use the 2Shakes force to help you…

Software Updates

2Shakes goes Global

2Shakes has launched the first international version of our software, now listed on the worldwide Xero Marketplace. We took out our NZ-specific integrations to make an agreement and authority solution that can work anywhere in the world.  Without any additional advertising or promotion we have had businesses sign up from six different countries. Thanks Xero!

Know someone overseas who needs a cloud onboarding solution? Send them this link to try 2Shakes Global for Free.

Sign on Paper

Not everyone is ready for electronic signatures and operating in the cloud! So 2Shakes added a sign on paper option. Find out more about Sign on Paper .


Because Bookkeepers & Accountants often renew agreements annually, change fees, T’s & C’s, etc, we have made some updates to our agreements page.  These changes will help with renewals and version control.   You can now search for agreements by status, date range and client name.  Click on the Version link to find out more.

Happy Birthday To Us

2Shakes turns the big ONE

2Shakes started back in January 2016. But this Friday 10 November we will celebrate the first anniversary of 2Shakes LAUNCH! (In our next update we’ll look back over the 2 years of the full 2Shakes journey).

Yes indeed – one year ago on Friday we launched with the first ever 2Shakes customer signup, and we took the bold (mad?) step of doing it all live in front of an audience at CreativeHQ: 2Shakes itself signed up with awesome bookkeeping firm GoFi8ure!

We did some estimates of the difference we have made in that year, and we are stoked that we have:

  • Signed up 200 businesses on 2Shakes
  • SAVED those businesses and their clients over 3,000 hours of admin
  • AUTOMATED almost 1,500 authorities into NZ government (with huge saving for the country)
  • SAVED about 22,000 sheets of paper, which is 44 reams, or (according to my 16 year old currently on study leave), about 2.6 trees!

We were supported by government (thanks MBIE, ACC and Data Futures) to make it better for business, as well as by Chapman Tripp and Microsoft. We estimate that in our first year we have already repaid over 50% of the funding we received from government. And we are just getting started!

Thanks to each and every person, customer, agency, organisation, advocate and advisor that has helped us along the way. Happy birthday!