Learning Objectives:
- Understand the key AML/CFT regulatory changes effective from 1 June 2024 and their practical impact on New Zealand law firms
- Gain practical strategies for preparing cost-effective AML/CFT audits and improving internal compliance frameworks
- Identify upcoming regulatory developments and global trends shaping AML obligations for legal practitioners
Description
Attend and earn 1 CPD hour
* This interactive online recording includes questions and quizzes requiring critical thinking about the topics, so you have no annual limits to the number of points/hours you can claim with this format of learning. Please verify with your CPD rules
Chair
Chris Linton, Consultant, Duncan Cotterill
Guidance on the New AML 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 that came into 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 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
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.
Chris Linton, Consultant, Duncan Cotterill
Chris is a senior corporate/commercial and technology specialist. She advises New Zealand and international corporates, and public sector clients, on their terrestrial and online businesses. This includes technology projects (from strategy, procurement and implementation through to dispute resolution), blockchain, crypto and fintech businesses (advising start-ups and investors); M&A, joint ventures, strategic alliances, venture capital, and gaming (and related regulatory advice). Before joining Duncan Cotterill, Chris was a partner at national law firm in Wellington and a specialist commercial law firm in Auckland. She also worked in London with leading global firm, Linklaters doing cross border M&A, joint ventures and financing. Chris is the Honorary Consul for Finland in Auckland, President of the New Zealand Scandinavia Business Association, and a member of Fintech NZ.
