Learning Objectives:
- Understand the Department of Internal Affairs’ updated AML/CFT expectations for lawyers, including customer risk rating and compliance methodology
- Identify key legislative and regulatory changes affecting AML/CFT obligations, including new reporting deadlines and CDD rules for low-risk trusts
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
Will Irving, Partner, Russell McVeagh
Opening Address from the Department of Internal Affairs
- Customer Risk Rating: Starting 1 June 2025, lawyers must risk-rate all new customers, record risk assessments, and continuously reassess them. This session covers DIA's expectations on the methodology and application of customer risk ratings
- Key System Changes: Insights into significant regulatory amendments, including the introduction of a single supervisor framework and other critical updates to AML/CFT regulations.
- National Risk Assessment Insights: Key learnings from the latest National Risk Assessment and how they impact compliance and risk management practices.
- AML Risk in the Legal Profession: Understanding AML risk in the legal sector, with practical case examples to highlight emerging risks and compliance challenges
Presented by John Sneyd, General Regulatory Manager, Department of Internal Affairs
AML Update: Regulatory Breakdown
- Terrorism Financing Risk: An in-depth analysis of the latest terrorism financing risk summary from the Department of Internal Affairs (DIA), focusing on emerging vulnerabilities and red flags for legal professionals
- AML/CFT Programme Guidelines: Explore the updated guidelines for lawyers, focusing on ongoing customer due diligence (CDD) and managing occasional activity under AML/CFT regulations
- Low-Risk Trusts and CDD Amendments: Insights on the upcoming changes to CDD for low-risk trusts, including the Cabinet Paper’s proposed best practices for compliance
- Key Amendments to the AML/CFT Act: A breakdown of anticipated legislative changes, including:
- A risk-based approach to customer verification
- Extended deadlines for suspicious activity reports (5 working days) and prescribed transaction reports (20 working days) for legal professionals
Presented by Dr Giulia Dondoli, CAMS, Director, Total AML
Presenters
John Sneyd, General Regulatory Manager, Department of Internal Affairs
John Sneyd is the General Manager of Regulatory Services at Te Tari Taiwhenua (Department of Internal Affairs), a role he has held since February 2023. With over 17 years of experience in public sector leadership, John has made significant contributions to regulatory frameworks and governance in New Zealand. Prior to his current position, John served as General Manager of Building System Performance at the Ministry of Business, Innovation and Employment (MBIE) from 2020 to 2023, where he was instrumental in enhancing the country’s building systems. Earlier in his career, he held the role of Chief Legal Counsel at the Civil Aviation Authority of New Zealand from 2012 to 2020, and as Chief Legal Advisor at the Department of Building and Housing from 2007 to 2012. Throughout his career, John has worked to improve the effectiveness and efficiency of regulatory services, particularly in the areas of legal compliance, public safety, and building performance. His extensive legal and regulatory expertise has earned him a reputation for providing strategic guidance in complex legal matters within government agencies.
Dr Giulia Dondoli, CAMS, Director, Total AML
Dr Giulia Dondoli is a Certified Anti-Money Laundering Specialist (CAMS) with over six years of experience in AML/CFT compliance and consulting. Giulia is the 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 became a senior consultant in a leading AML/CFT consulting firm.
Will Irving, Partner, Russell McVeagh
Will is a partner in Russell McVeagh's litigation practice, based in the Auckland office. Specialising in commercial litigation, his expertise spans financial services, regulatory enforcement, and disputes involving property, tax, and ICT. His experience includes acting for financial institutions in investigations by New Zealand’s financial regulators, with a particular focus on the Anti-Money Laundering and Countering Financing of Terrorism Act, the Credit Contracts and Consumer Finance Act, and the Financial Markets Conduct Act. He has represented clients in significant cases, including acting for Tiger Brokers in proceedings brought by the FMA in relation to AML/CFT Act compliance. Will’s accolades include recognition in the Best Lawyers® New Zealand 2024 Guide for Arbitration and Mediation and Litigation, and he was named a Rising Star in 2020 by NZ Lawyer magazine.
