9.00AM Welcome from the organisers
9.05AM Welcome from the chair
Nathan Lynch, Regional Bureau Chief APAC, Financial Crime and Risk, Regulatory Intelligence, Thomson Reuters (Aus)

9.15AM Introduction: The road to phase 2

The government has detailed its plan for a second phase of AML/CFT regulation which will bring lawyers, licensed conveyancers, real estate agents, accountants and many others into the compliance regime. Phase 2 responds to the need for New Zealand to comply with international standards. This session will give you a deep understanding and practical knowledge of the current situation regarding Anti-Money Laundering and Counter Financing of Terrorism in New Zealand, what phase 2 of the AML/CFT Act is.

Andrew Hill, Manager Financial Intelligence Unit, New Zealand Police
10.00AM The difficult relationship between AML/CFT requirements, ethical obligations, confidentiality and legal professional privilege

Phase 2 has raised concerns around the principle of legal professional privilege. This session will explore how the government attempted to address those concerns, where the thorny issues lie, and some practical examples to understand when and how it applies.

  • What is 'privileged communication' under the Act?
  • Where legal privilege traditionally runs out
  • How and when to report a client?
  • Reconciling reporting and disclosure obligations
with a lawyer's duty of confidentiality and legal professional privilege

Gary Hughes, Barrister
11.00AM Know your regulator

The DIA is the proposed new supervisor for all reporting entities that will be captured under phase two of the AML/CFT legislation. During this session, the DIA will detail its role and explain its approach to AML/CFT supervision and new phase 2 entities.

Mike Stone, Acting Manager AML/CFT, Department of Internal Affairs

The following sessions will give you tools and skills to become compliant under the new AML/CFT requirements and be well-prepared to avoid liability and decrease compliance costs. Learn how to practically implement the full process into your firm, from the initial risk assessment to reporting processes.

11.40AM Step 1: Risk Assessment

How susceptible is your firm to Money Laundering or Financing of Terrorism? The risk assessment is the first step and critical building block to the whole AML/CFT compliance process. In this session you will learn to:

  • Identify aspects of your business that may be susceptible to ML/FT
  • Consider the relevant statutory dimensions of risk
  • Prepare your risk assessment and keep it up to date

Gary Hughes, Barrister
12.10PM Step 2: AML/CFT programme

Following this session you will be able to:

  • Apply the minimum requirements in an AML/CFT programme
  • Define how your firm will address the risks identified in the risk assessment
  • Set out the internal policies, procedures band controls necessary to detect ML/FT and manage and mitigate risks
  • Identify if there has been a material change with existing customers you had before the enforcement of the phase 2 amendments

Paddy Oliver, Director, AML Experts
1.40PM Step 3: Customer Due Diligence

Central to the AML/CFT Act, customer due diligence (CDD) processes must be drafted and used with care. Learn how to:

  • Identify what customer information/documents are required to conduct CDD and how to verify this information
  • Differentiate between three CDD available depending on customers and transactions
  • Draft a CDD system compliant with the AML/CFT Act
  • Incorporate CDD into your new client induction process

Paddy Oliver, Director, AML Experts
2.10PM Step 4: Transaction monitoring & reporting

Key outputs of your AML programme are different types of reports - annually to the Supervisor, in the case of suspicious transaction, and regularly for prescribed cash and wire transfer transactions. Learn:

  • What needs reporting
  • How to monitor client accounts and transactions
  • How staff can determine if there are grounds for submitting a report
  • Which roles have responsibility for authorising and forwarding suspicious transaction reports
  • How to complete, authorise and forward transaction reports
  • What the interplay is between lawyers, banks and accountants, auditors and Police under the Act
  • Non-disclosure and 'tipping off' rules

Andrew Hill, Manager Financial Intelligence Unit, New Zealand Police & Gary Hughes, Barrister
3.00PM Case study: The impact of the AML/CFT Act on Phase 1 actors

HiFX as a foreign exchange broker and payments provider has to comply with New Zealand AML practices since 2013. To put the consequences of phase 2 for Lawyers in perspective, this session explores what the impact has been for HiFX and the whole financial sector- navigating policies and processes from a practical aspect, managing internal communications, training their staff. Nathan and Steven will also answer all your questions on those topics.

Dan Bell, Sales manager, HiFX & Steven Stanaway, Compliance Manager, HiFX
3.45PM Case study: International experiences from lawyers already compliant under AML/CFT regime

The United Kingdom, Canada and Singapore, amongst others, have already introduced AML/CFT regulation for the legal sector. These case studies provide some valuable lessons on how lawyers have adapted their firms to those rules. This session will analyse the impact of AML/CFT rules on firms in those countries, what parts of the law were successful, what didn't work, what were the objections and what solutions lawyers implemented to comply as well as improve their reputation and profitability.

Nathan Lynch, Regional Bureau Chief APAC, Financial Crime and Risk, Regulatory Intelligence, Thomson Reuters (Aus)
4.30PM Conclusion from the Chair

Conference attendance earns 6 CPD hours.