If you are an AML Phase 2 reporting entity, we know these are busy times. In the second year of AML, you will soon be submitting your second Annual Report to DIA, and completing your first two-yearly AML Audit – if you haven’t already been audited. Read on for some tips and advice to help you through.
In this update…
The AML legislation requires Reporting Entities to carry out an independent Audit every two years.
For Bookkeepers, Tax Agents and Accountants, that means having your first audit done by 30 September. For Real Estate Agents the first audit needs to be completed by the end of the year.
We know many of you will have organised and even completed your first audit, which is great! If you haven’t already organised an audit, do make sure you get one sorted before your deadline.
2Shakes AML Audit Service
To help businesses stay compliant, 2Shakes recently introduced an AML Audit service. This is aimed initially at Reporting Entities who need to complete their Audit by 30 September. Thanks to everyone who has signed up to date. If you haven’t and need an Audit – we are here to help, and if we can’t fit you in in time, we will be happy to recommend someone.
DIA have several webinars that explore businesses’ AML requirements. Topics cover CDD, Reporting, Risk Assessments and AML Programmes. These webinars are free, available to everyone.
Also, Trish Madison of Audits AML and Sheryl Phillips of IDQ Consulting, are running webinars to help improve knowledge and strengthen AML practices. The two webinars will cover audit and audit remediation topics. You can contact Trish in the Find out more section below.
Annual reports for phase 2 entities need to be submitted to DIA between 1 July and 31 August – that’s now!
When you come to submitting your report, part 3 section 8 asks for statistics on customer types and ID verification methods. 2Shakes saves you a huge amount of time on statistics – just go to the AML Statistics page to get the numbers on all your completed Customer Due Diligence. Find out more on AML statistics in 2Shakes
In time for the reporting period, we have also upgraded our AML statistics page, which now features an Export function, so you can see a breakdown of all the clients behind the numbers. The breakdown list is available to export for any period you like, and we’ve had great feedback on how it also helps with recharging/allocating AML CDD work.
As a Xero-Connected App, many of you love the Xero Practice Manager/WorkFlow Max integration.
A big thanks to everyone who submitted suggestions for our XPM/WFM upgrade, and especially those who participated in interviews. Your feedback has given us great insight into how you use XPM/WFM.
In line with updates over at Xero, we have begun work updating the back-end API connection, which brings in new levels of information security. We then roll into the front-end updates, adding functionality which we think you’ll like. Stay tuned!
It was with great sadness that we received news recently of the passing of Lawrence Wells of MBIE/Companies Office. Lawrence was a huge promoter of the New Zealand Business Number (NZBN), and helped and supported 2Shakes right from the start. To go with his sharp intellect, Lawrence was always friendly, considerate and kind, and he will be sadly missed by us and the whole GovTech community. Our thoughts are with Lawrence’s family and friends.
Store your AML Documents in 2Shakes
Upload and store your AML Programme, Risk Assessment, AML Fact Sheets and any other documents you and your staff may need to help carry out due diligence. Find out more
Easily find individuals without PEP Checks
Use the Ongoing CDD page to find all clients that have not had PEP Checks done. Set your search duration to Anytime and select Without PEP. Then click through to the client and either complete an electronic PEP Check in 2Shakes, or if you have completed a PEP elsewhere, mark as Already Checked. Find out more
If you need help or more information on anything you’ve read, please email email@example.com, and we’ll be glad to help you.
We’d like to end by saying well done and thank you to everyone who did and continues to do their bit to stop Covid-19. We really have done well in NZ, and hope the pandemic can be stopped globally. Please continue to stay safe, be kind and keep connected.
All the very best,
The 2Shakes Team