9.00AM Welcome from the organisers
9.05AM Introduction and the road to Phase 2

New Zealand's reputation as a transparent and low-risk market has been tarnished by revelations such as the release of the Panama Papers and the ensuing Shewan Inquiry. Clean, low-corruption countries with light-touch AML/CFT regulations are attractive havens for money launderers and the movement of illicit funds. This session will discuss New Zealand's experience with money laundering, provide an introduction on the development and amendment of AML/CFT regulation and detail valuable case studies. It will also explore the commercial benefits for businesses that take a proactive approach to financial crime compliance.

Nathan Lynch, Regional Bureau Chief APAC, Financial Crime and Risk, Regulatory Intelligence, Thomson Reuters (Aus)
9.55AM How does money laundering and terrorist financing work? Understanding the crime, your role and your obligations

What is money laundering? What does it look like and how do you stop it? As a phase 2 actor, it is critical you have the practical knowledge to successfully identify the crime in order to adequately comply with the AML/CFT Act. This session provides a deep understanding of money laundering, how your business may be abused by launderers and your obligations under the Act.

Andrew Hill, Manager Financial Intelligence Unit, New Zealand Police
11.00AM Know your regulator

The Department of Internal Affairs is the proposed new supervisor for all reporting entities that will be captured under phase 2 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.

Kate Reid, Director Phase II Implementation, Regulatory Services, DIA

The following four 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 organisation, from the initial risk assessment to reporting processes.

11.40AM Step 1: Risk Assessment

How susceptible is your organisation 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, Akarana Chambers
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 business will address the risks identified in the risk assessment
  • Set out the internal policies, procedures and 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, Managing Director, AML Experts (Aus)
1.30PM 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 processes 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, Managing Director, AML Experts (Aus)
2.00PM 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 transactions, 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
Karty Mayne, Head of Specialist Services, The Compliance Company
2.50PM Managing the relationship between AML compliance, professional ethics, client confidentiality and privileged information

Phase 2 has raised concerns around confidential client information and, in the legal sector, 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.

  • How is confidential/privileged information defined under the Act?
  • How and when to report a client?
  • Reconciling reporting and disclosure obligations with a duty of confidentiality and professional privilege
Gary Hughes, Barrister, Akarana Chambers
3.35PM Case study: The impact of the AML/CFT Act on Phase 1 entities

To put the consequences of the AML/CFT Act into perspective for those captured in Phase 2, this session explores what the impact has been for a Phase 1 entity. Karty Mayne, the former Head of Risk and Compliance for Guardian Trust, was instrumental in developing its AML compliance programme. Karty also has experience as the former Manager of Supervision at the Financial Markets Authority and currently specialises in assisting businesses comply with their AML/CFT obligations in a consultancy role. Karty will provide valuable insight into the process from both a business and regulatory perspective and can answer all your questions on those topics.

Karty Mayne, Head of Specialist Services, The Compliance Company
4.20PM Conclusion from the Chair