AML - CFT

service Details

AML Risk Assessment and Compliance Program

We provide tailored solutions for the development of your risk assessment and compliance programs. This involves obtaining n understanding of your operations, business, risks and products. We incorporate the sector risk assessments provided by the regulators and ensure they are designed and implemented effectively.

Audits​

Our audits are designed to assist management with identifying compliance issues of the AML documents (Risk Assessment and compliance Programme) with the regulations as well as review of the design and operating effectiveness of the compliance programme system, processes and controls.

Our audits culminate with the issuance of our report on compliance with regulations. We also provide a detailed management report articulating the issues identified and suggestions for remediation. We issue management with draft reports and an opportunity to respond and comment prior to finalisation of the reports.

Lawyers

The Law came into effect for law firms as of 1 July 2018. Lawyers have to comply fully with the Act if the following applies:

  • If they act as an agent of legal persons or legal arrangements.
  • If they act as a person or act as nominee director or nominee shareholder or an administrative address for a company, or a partnership, any other legal person or arrangement.
  • Providing registered address or office for a business, or correspondence address, or an administrative address for a company, or a partnership, or any other legal person or arrangement (unless it's only for service which is not covered by the Act).
  • Managing client funds, accounts, or securities or other assets.
  • Providing services (either yourself, or when you give instructions to someone else).
  • Providing conveyancing services either yourself or when you give instructions to someone else.​

Accountants

Accountants are required to comply with the AML CFT Act if the following applies:

  • Acting as a formation agent of legal persons or legal arrangements.
  • Acting as, or arranging for a person to act as, a nominee director or nominee shareholder or trustee in relation to legal persons or legal arrangements.
  • Providing a registered office or a business address, a correspondence address, or an administrative address for a company, or a partnership, or any other legal person or arrangement (unless it's solely for a service which isn't covered by the Act).
  • Managing client funds, accounts, securities, or other assets.
  • Providing services (either yourself, or when you give instructions to someone else) to:​
  • carry out a real estate transaction (as defined in section 4 of the Real Estate Agents Act 2008).
  • carry out a transaction on behalf of any person in relation to the buying, transferring or selling of a business or legal person (for example, a company) and any other legal arrangement; or creating, operating, and managing a legal person and any other legal arrangement.
  • transfer a beneficial interest in land or other real property.​

Real Estate Agents

Real Estate Agents are expected to be fully compliant with the requirements of the AML / CFT laws as from 1 January 2019.

Real Estate Agents are required to comply if:

  • They represent a client who's selling real estate and /or
  • Accept deposit of $10,000 or more from someone who's buying real Estate