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AML/CFT Act phase 2 coming soon: What lawyers and conveyancers need to know

03 May 2018

Phase 2 of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act’s go-live date of 1 July is fast approaching.

Both the New Zealand Law Society and the Department of Internal Affairs (DIA), who are the AML/CFT Act’s Supervisors, have been hard at work getting the message out to ensure lawyers and conveyancers are aware of what they need to do.

“Building your compliance programme and having it ready on time is a key requirement under the Act. The AML/CFT roadshows hosted by DIA that took place throughout March covered the main areas that you and your business will need to think about if you are covered by the Act,” says Kate Reid, DIA’s Director for the Phase II Implementation Programme.

If lawyers and conveyancers missed the roadshow, they can watch a recording of a roadshow webinar DIA gave last month on this link.

All they need to do is scroll down to the section entitled ‘DIA AML/CFT National Roadshow’.

DIA will soon be sending an email to law firms that will ask them to review the AML/CFT captured activities list and indicate which activities they are involved in.

“DIA will be keeping a record of responses and this will go towards building a database of reporting entities. Included in the email will be a request for law firms to pass on the name of their AML/CFT Compliance Officer. Appointing a compliance officer to maintain the AML/CFT risk assessment and programme and act as DIA’s AML/CFT contact is another key activity that will need to be carried out well ahead of the 1 July date,” says Ms Reid.

If practitioners haven’t already, they should read the Lawyers and Conveyancers Guideline on DIA’s website as it contains all they need to know to prepare for their AML/CFT obligations.

“The same webpage contains other resources that will prove helpful in your preparations. These include the Annual Report User Guide, Enhanced Customer Due Diligence Guideline, Phase 2 AML/CFT Risk Assessment and the Prompts and Notes for DIA reporting entities,” Ms Reid says.

These resources will go a long way towards helping lawyers and conveyancers prepare their programme, however should they need DIA’s help, they can email AMLPhase2@dia.govt.nz.

Last updated on the 16th September 2019