Will you and your firm be ready when lawyers and law firms will need to be AML/CFT compliant? With the second stage of amendments of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act amendments set to take effect on 1 June 2024, and then again in 2025, it's crucial to understand what has changed and how it will impact your practice. Understand the concerns and the implications now and gain practical strategies for improving policies, procedures and controls for AML/CFT to ensure that you and your firm remain compliant.
1.00pm to 2.00pm Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act Amendments: Compliance Update, Cost-Saving Tips, and What the Future Holds
- Highlighting current concerns and pressure points for New Zealand lawyers: CDD and compliance costs with the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act amendments taking effect 1 June 2024
- AML/CFT independent audits: tips for the next audit cycle
- Key changes for lawyers in recent regulatory amendments (e.g., definition of beneficial ownership, wire transfer provisions, trust, and company services obligations)
- Updated guidance for law firms
- Improving policies, procedures, and controls for risk-rating customers: avoiding a “tick box” mentality
- Regulatory changes: Looking at the staged implementation of new regulations for lawyers in 2024 and 2025
- Current interpretation issues specific to law firms
- Ministerial exemptions
- Developments in Australia and the United Kingdom and the implications for the New Zealand legal sector
Presented by Neil Russ, Director, Russ Associates
Description
Attend and earn 1 CPD hour
Learning Objectives:
- Understand upcoming amendments to AML/CFT regulation in NZ for lawyers
- Gain practical strategies for improving policies, procedures, and controls for AML/CTF
Presenters
Neil Russ, Director, Russ Associates
Neil founded Russ + Associates in 2019 as a group of senior lawyers specialising in tax and AML/CFT advice. Neil has over 35 years’ experience in England and New Zealand, including 25 years as a tax partner in a national law firm. Russ + Associates regularly works with its corporate clients, other law firms and accounting practices to meet their income tax, GST and AML/CFT needs, including tax investigations, binding and non-binding ruling applications, tax risk reviews, AML/CFT ministerial exemptions, suspicious activity reports and audits. Neil specialises in corporate and international income tax and GST issues, as well as transactional advice. In addition to his tax expertise Neil has a multi-jurisdictional background in banking, capital markets and derivatives transactions. Neil is Convenor of the NZ Law Society Tax Law Committee, a member of the AML/CFT Industry Advisory Group and co-author of AML/CFT in New Zealand – A Handbook for Lawyers and Accountants, He is a member of the International Fiscal Association and the Inter-Pacific Bar Association. He frequently deals with Inland Revenue and Treasury officials on matters of tax policy and interpretation, and with DIA and Ministry of Justice officials on AML/CFT issues.
