With implementation fast approaching, the Law Society has published eight documents to assist lawyers
With the implementation of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT) fast approaching, the New Zealand Law Society has released compliance templates.
The set contains eight sample documents to aid lawyers with compliance requirements of the act. The Law Society is also reminding lawyers to have the appropriate programs in place before the act covers them on 1 July.
Recently, the Department of Internal Affairs, the supervisor of compliance under the act, urged lawyers and conveyancers to attend a series of AML/CFT roadshows to be conducted across the country next month.
The Microsoft Word documents, which can be adopted by law firms and lawyers, can be found on the AML/CFT compliance templates page of the Law Society's collection of AML/CFT resources and guidance.
However, the lawyer body is also reminding that the documents only serve as guides and must be adapted to the needs of a particular firm or lawyer.
“They should not be relied upon as definitive statements of AML/CFT legal requirements, and all firms must familiarise themselves with the relevant legal requirements,” the Law Society said.
The templates are as follows: risk assessment, compliance program, money-laundering policies, AML reporting procedure, delayed customer due diligence (CDD) form, exemption form, matter risk assessment form, and full CDD form.
The Law Society said lawyers should follow its LawPoints, LawTalk, and other publications for more guidance and resources.
