The 2023 Amendment Regulations have been implemented in stages, affecting practicing lawyers and financial institutions in several ways. Notably, key aspects of customer due diligence, have been impacted by these amendments. What if the client does not disclose that they have a nominee shareholder? Who should you identify if you receive instructions from another lawyer? How do you identify a high-risk client? Failing to stay updated on these challenges can result in non-compliance, leading to significant legal and financial penalties. It's not just about understanding the changes - you need to implement these updates to protect your clients effectively. This workshop offers real-life scenarios to help you apply the new requirements in your daily work and presents industry best practices.
Description
Attend and earn 1 CPD hour
1.00pm to 2.00pm Implementing AML/CFT Regulatory Changes
- Identifying the Ultimate Beneficial Owner of a Client
Explore a case study of a company with an ultimate beneficial owner and provide tips on how to identify them
- Identifying a Nominee Shareholder/Director/Partner
Examine one case study of a company and another of a limited partnership to illustrate the process
- Distinguishing Between a Person Acting on Behalf of a Customer and a Person on Whose Behalf a Transaction is Conducted
Work through two scenarios to clarify the differences
- New Requirements on 'Powers That Bind'
Analyse case studies involving a company and a limited partnership to understand the meaning of 'powers that bind' and best practices for meeting this requirement
- New Requirements for Enhanced CDD on Trusts
Review a mock trust deed to understand the new requirements
- A Look Ahead: Closing Remarks on Individual Customer Risk Rating
Gain insights on assessing individual customer risk ratings
Presented by Giulia Dondoli, AML Senior Consultant
Learning Objectives:
- Learn effective detection methods for nominee roles and best practices for compliance with new 'powers that bind' requirements
- Prepare for future regulatory changes, including the 2025 individual customer risk rating, and understand additional measures for settlors and protectors
Presenters
Giulia Dondoli, AML Senior Consultant
Dr Giulia Dondoli is a Certified Anti-Money Laundering Specialist (CAMS) with six years of experience in AML/CFT compliance and consulting. Giulia is Founder and Principal Consultant at Total AML and has audited and helped over 200 reporting entities in New Zealand and Australia. After completing a PhD in Law at the University of Waikato, Giulia joined the AML/CFT compliance team of one of the top law firms in New Zealand, as an analyst. Giulia then moved to a leading AML/CFT consulting firm as a senior consultant.
