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AML/CFT Act roadshows for lawyers and conveyancers next month

13 February 2018

Department of Internal Affairs are reminding lawyers and conveyancers about a series of roadshows on next month covering Anti-Money Laundering and Countering Financing of Terrorism Act compliance guidance.  

The guidance advice is available here.

Lawyers and Conveyancers would have received an invitation recently from DIA via the New Zealand Law Society encouraging them to attend a series of roadshows that are being held throughout the country in March.

"They're designed to reinforce the guidance to the sector and to introduce DIA who are the supervisors of compliance under the Act.  If you didn’t receive the invite you can register for the roadshow event nearest to you here.  Some locations are filling up fast so ensure your place at the roadshow by registering now," the DIA says.

The DIA says the guidance is designed to help lawyers and conveyancers develop their compliance programmes and address many of the questions the sector is facing.

"Such as whether you are captured by the Act. In addition to the guidance there are other resources available on DIA’s website that will help you begin your preparations for when the Act goes live on 1 July," the DIA says.

These tools include the Sector Risk Assessment and Prompts and Notes documents, which will help lawyers and conveyancers understand more about the money laundering and terrorism financing risks that can be found across the sector so that they can build their own risk assessment programme.

"It’s important to note that your compliance programme needs to be completed by 1 July, so starting as early as possible is the key to being ready. These resources will be invaluable in helping you understand AML/CFT and complete the work," the DIA says.  

The DIA says another important piece of preparation is to appoint a compliance officer who is responsible for administering and maintaining the firm’s AML/CFT programme.  This person will be DIA’s point of contact for all matters AML/CFT related.

"Whoever is chosen should be a key person within the business and someone who has good knowledge and influence within the firm," the DIA says.

If some lawyers and conveyancers can’t make it to one of the roadshows there will be a recording of one of the events available through the New Zealand Law Society’s website, some time in April. Questions for DIA can be emailed to AMLPhase2@dia.govt.nz.

Last updated on the 13th February 2018