Lawyers, conveyancers urged to attend AML/CFT roadshows

Some locations are filling up fast, the Department of Internal Affairs says

Lawyers, conveyancers urged to attend AML/CFT roadshows

Lawyers and conveyancers are being urged by the Department of Internal Affairs (DIA) and the New Zealand Law Society to attend a series of roadshows about the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act in March.

Lawyer and conveyancers have already been sent an invitation by the DIA through the Law Society, but some may have not yet registered for the roadshow at the nearest location to them, the Law Society said. Some locations are filling up fast, the DIA said.

In addition to reinforcing the AML/CFT Act guidance to the legal sector, the series of roadshows also introduce the DIA, which is the supervisor of compliance under the act. The guidance for the act is designed to help lawyers and conveyancers develop their compliance programs, as well as answer questions the sector may have about the new legislation.

The DIA also has more tools available on their website, such as the “Sector Risk Assessment” and the “Prompts and Notes” documents.

“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 said.

The act goes live on 1 July.

The DIA also stressed that it is important to carefully choose the compliance officers to be appointed by firms. The officer will be responsible for administering and maintaining the firm’s AML/CFT program and will be the DIA’s point of contact on matters related to the act.

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

The DIA guidance materials can be viewed here. Lawyers and conveyancers can register for a roadshow here.


Related stories:
Here’s how AML/CFT requirements can be explained to clients
Law firms encouraged to pool resources to meet anti-money-laundering obligations
 

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