Making AML CDD simple
2Shakes helps make AML Customer Due Diligence checks easy for Real Estate agents using our clever and secure cloud onboarding software. Watch our quick video to find out how 2Shakes can help you get ahead of AML.
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When do Real Estate Agents need to do AML CDD?
- Do real estate agency work (as defined in the Real Estate Agent Act 2008), or
- Managing client funds, accounts, securities (for example you receive or hold funds in a trust account for a client pending settlement of a real estate transaction).
Then from 1 January 2019 you will become a ‘reporting entity’ and will need to comply with AML/CFT. Find out more by reading DIA’s real estate guidelines.
As a reporting entity you need to make some decisions and document how you will comply with AML legislation. To do this you are expected to assess your risks and have a programme in place to manage these. You also need to appoint an AML compliance officer and get set up with the goAML system that the Police manage so you can report suspicious or prescribed transactions to the Financial Intelligence Unit (FIU).
Once your set up, they you will need to perform Customer Due Diligence Checks before you provide real estate agency work or manage client funds. You need to keep excellent records of what you do for CDD, as you will need to report annually to DIA and be audited every two years.
When to do Customer Due Diligence (CDD)?
When your client agrees to appoint you as their Real Estate agent you should begin the process of Customer Due Diligence (CDD). You don’t need to do CDD before you start marketing a property, you WILL need it to be all done before assisting with the negotiation for the Sale and Purchase agreement.
If it turns out that the property is owned by a company, a trust or by a foreign owner then it is likely that there will be several people who have an interest, ownership or control over the finances involved with that property. All these people will need to be considered and potentially identity verified. If higher risk factors apply (such as if ownership is via a trust) you will also need to establish where the funds or wealth came from. You will need to sight the trust deeds of any trusts involved as beneficial owners. So, the sooner you get the CDD process started the better.
2Shakes are experts in CDD
2Shakes helps Real Estate agents get on top of their Customer Due Diligence (CDD). We help you find the information you need, so that you can spend less time on CDD and more time with your customers. We also make it easier to keep records of what you have learned, what you have decided along with the documents, evidence you need. Then at the end of the year AML reports and AML statistics are at your fingertips for annual reporting.
– Beneficial owners: 2Shakes looks up Companies office to identity shareholders and directors which helps you create a list of all the ‘beneficial owners’ you are will need to Identity Verify
– Nature, Purpose & Risk: You can record the You are guided to record
– Identity Verification: 2Shakes can electronically verify someones identity against trusted external data sources. You can also record the details of any manual identity verification steps or additional measures you have taken.
– Record Keeping: Securely record what you do, ready for reporting and available for audits.
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Use 2Shakes your way
Do It Yourself
Our software has been written specifically to comply with NZ AML legislation. We have done the hard yards for you, to translate the legal requirements into a software system that steps you through what you need to do and prompts you to record the decisions you need to make. We even have a free training system so you can practice every step, to make you 100% confident of what you and your client will see.
Administrator or PA
If you have an administrator or Personal Assistant they can use 2Shakes and do the AML checks for your clients.
Get help from a financial professional
If you use a bookkeeper to or accountant chances are they already use 2Shakes. Consider asking them if they can help you with your AML CDD checks using 2Shakes to record and communicate the results. Most Accountants and Bookkeepers became Phase 2 reporting entities from the 1 October 2018.