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AML/CFT guidance release outlined

30 November 2017

The Department of Internal Affairs and New Zealand Law Society are both planning to release a range of material designed to assist lawyers with implementation of phase 2 of the Anti-Money Laundering and Countering Financing of Terrorism regime.

Lawyers and conveyancers will come within the phase 2 requirements on 1 July 2018. The Department of Internal Affairs is supervisor for the entities involved in phase 2.

Department of Internal Affairs

Department Director of Phase 2 Implementation, Kate Reid, told a live streamed webinar on AML/CFT Phase 2 on 28 November that Internal Affairs is planning to publish lawyers' guidance on 15 December. This will be available on the department's AML/CFT website section.

Updates and information on enhanced due diligence and other information will also be progressively added to the website, she says.

The Department of Internal Affairs is also planning a series of roadshows in early 2018. These will be carried out in partnership with the Police Financial Intelligence Unit. Ms Reid says a schedule is now being prepared, but the roadshows will be held in smaller population centres such as Nelson as well as the main centres.

New Zealand Law Society

The Law Society has already begun to provide information to lawyers through LawTalk, LawPoints and its seminar programmes.

Information will be added to the AML-CFT Practice Area web pages as available.

The Law Society will be adding further specially prepared information before the end of 2017, which will include template documentation for use in AML/CFT compliance. This includes a specimen written risk assessment and specimen compliance programme, including documents which can form a working manual for law firms.

The Law Society is also preparing further titles in the Practice Briefing series on:

  • Suspicious activities and transactions;
  • Privilege, confidentiality and reporting suspicious activities; and
  • Continuing to act after filing a suspicious activity report.

A brochure with the title "Why we need to ask for your information" is also being prepared as a resource which can be provided to clients.

Information on the availability of the resources will be provided through LawPoints and on the Law Society website.

Last updated on the 16th September 2019