Effortless Onboarding & AML CDD
2Shakes will provide you with the benefits of our onboarding software. So you can provide a professional, slick agreement that pull data from Companies office using the NZBN. And ensure your authority to act for you clients with IRD, ACC and Companies Office is done correctly. You client can electronic sign, saving everyone paper work. And we integrate with CRM systems like Xero Practice Manager (we are a Xero Connected App) and BASE CRM.
We also provide Customer Due Diligence (CDD) features help you to comply with AML Phase 2:
For more information on what 2Shakes can do for you, check out our software options.
AML Phase 2 comes into effect for Lawyers in July 2018, and for Accountants and Bookkeepers from October 2018. If you provide in-scope services for you customers then your onboarding process will need to involve two additional steps:
1. Determine the natural people who are the customer, who control the customer or who are beneficial owners of the customer.
2. Perform Customer Due Diligence on each natural person, which includes proof of Identity, proof of address and can include proof of wealth (also called source of funds) as well as capturing additional details, such as for trusts.
If you are using 2Shakes already, in terms of effort your current sign up process would look like the picture below. (If you are not a 2Shakes user there will be a lot more effort humps instead of just “sign up”, and AML will add to them).
Customer Due Diligence are checks that you need to perform on ‘natural’ people who are associated with the customer you provide services to. Section 11 of the Act states
A reporting entity must conduct customer due diligence on:
a). a customer,
b). any ‘beneficial owner’ of a customer,
c). any person acting on behalf of a customer.
Beneficial Owners are people that:
Determining who you need to perform customer due diligence on can be complicated. For example shares in a company can be owned by another company, whose shares are also owned by another company. This can look a bit like this…
The Department of Internal Affairs also offers 3 options for verification of identity.
You can record the CDD level in 2Shakes, and then use 2Shakes to record identity & address verification, all as part of the onboarding process. You can choose how you do this, either manually or electronically.
In 2Shakes, your clients can now do everything needed to sign up in one electronically signed step:
Our system integrates with third party Identity Verification services. This means we can automatically electronically verify both identity credentials (NZ passport or Drivers License) & NZ addresses against trusted external databases. At the same time we check to see if the customer is a foreign Politically Exposed Person (PEP).
Client forgot to bring proof of address? Client forgot to bring their passport?
With 2Shakes you can email links to clients to get them to verify their identity and address remotely from their own computer or smart phone.
Enhanced CDD? You can record notes and uploading files every step of the way. 2Shakes’ Hints and Tips gives examples of the types of source of funds/proof of wealth documents your client could provide.
Find out more about how electronic Identity Verification (eIDV) works, when you should use it and how much it costs.
AML/CFT requires reporting entities to be audited every two years by an Independent Appropriately Qualified Person. This audit is to determine the adequacy and effectiveness of your AML/CFT programme. For audit you will need to provide access to files, customer identification records, transactions and/or outputs from your systems.
See DIA AML COP link for more information.
In 2Shakes you can make notes and upload documents at every step of the way through onboarding. Our software captures a record of what you did, and what the result was. Our electronic identity verification reports show the results for each external data source. And when you need it, we have everything available for you from anywhere, on any device, in our secure, highly-available Microsoft Azure cloud datacentre – so everything is in one place for audit purposes.
2Shakes recognises that AML checks sometime takes time. Where there are trusts or non-resident or foreign owners you may need to chase after the evidence or information you need. Our system allows you to get your agreement signed, while you wait for your AML/CFT CDD requirements to be completed. We make it easy to keep track of where all you customers’ agreements and AML statuses are at, whatever is required by your AML/CFT policy and procedures.
And once done, 2Shakes has a section for your business’ AML Compliance officer to do a final review and confirmation check that AML CDD is complete.
Have tricky AML and reporting questions you need answered? Then contact Trish Madison, an AML certified expert, at Audits AML.
CAANZ have created AML guidance documents and webinars for their members.
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.
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.
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 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.
You can download the DIA Accounting Sector guide directly from DIA website using this Accounting Sector Guide link. If you have confirmed that AML applies to you then you should also download the Sector Risk Assessment as well as the NZ Police FIU Guide to registering for goAML. If after reading this information you need to check in with DIA, then remember you can ask for clarification about AML/CFT using this email firstname.lastname@example.org