Date posted: 25/05/2018 5 min read

New AML webinar series and more

All the latest updates in the AML space

In brief

  • We have launched a new five-part deep-dive webinar series
  • The DIA roadshows will now commence on 16 July
  • New guidance on risk assessments and AML/CFT programmes is now available

Are you finding it challenging to translate the obligations in the AML/CFT Act into practical actions that achieve compliance? If you are not sure where to start, our new education offering will enable you to make substantive progress towards compliance.  

Whilst the AML/CFT obligations are the same across Phase 1 and 2 entities, the approach to AML/CFT compliance can be very different in a number of areas (e.g account monitoring). Therefore training focussed on financial institution compliance practices, with a heavy transactional focus, is not always that helpful. Presented by Crowe Horwath, this webinar series brings together the best of both worlds; Phase 1 experience and knowledge of the accounting profession.  

The series, outlined below, is being run every Tuesday for five consecutive weeks from 29 May to 26 June:  

  1. Introduction, compliance obligations and the role of the Compliance Officer
  2. Risk Assessment
  3. AML/CFT Programme
  4. Customer Due Diligence
  5. Records, Reporting and Audit

AML/CFT Implementation Webinar series

Steps through practical implementation of AML/CFT requirements

Register now

DIA roadshows

In our communications to date we have stated that the DIA roadshow series will be held around June which was the original plan. That date has since changed and the nationwide roadshows will now commence on 16 July.

These are specifically designed for accountants only and are complementary. We highly recommend you attend a session and hear directly from your AML supervisor if you can. More information on dates, locations and how to register will be available shortly.

AML/CFT news

If you have not already done so, we recommend you sign up to the DIA’s regular newsletters

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Is your accounting practice subject to the AML regime?

The AML/CFT Act does not automatically apply to all accounting practices. It only applies to those who, in the ordinary course of business, carry out captured activities. We talked about “captured activities” last month, now questions are arising over the meaning of “ordinary course of business”.  

Whether an activity is in your ordinary course of business is ultimately a question of judgment and depends on the nature of your business. There is no bright-line test to determine the answer, and that is because all businesses are different. The Guideline: Accountants, which was issued in March, suggests some relevant factors to take into consideration would be whether the activity:  

  • Is normal or otherwise unremarkable
  • Is frequent
  • Is regular (meaning predictable, consistent)
  • Involves significant amounts of money
  • Is a source of income
  • Involves significant resources
  • Involves a service offered to customers.   

They are relative measures in the context of your particular business. It is likely that the activity is in the ordinary course of your business if one or more of these factors apply.

Captured activities

Last month's article

Read now

Risk assessment and AML/CFT programme guidelines

Before 1 October 2018, the first things you should do as part of your obligations under the AML/CFT Act are:  

  • Appoint a compliance officer
  • Conduct a risk assessment to identify and determine the ML/TF risks you may encounter in the course of your business
  • Develop and implement a programme containing policies, procedures and controls to manage and mitigate those risks.  

The AML/CFT supervisors have released an updated Risk Assessment Guideline and AML/CFT Programme Guideline designed to help reporting entities conduct a risk assessment and develop an AML/CFT programme.  

If you need guidance that is more on a practical level in regards to the risk assessment and AML/CFT programme then the DIA has a ‘Prompts and Notes’ guide to assist. It provides reporting entities with a series of questions, supervisory expectation, reference material and suggested best practice that can act as a checklist of everything that must be covered off in these two documents.

DIA guidelines

There is an increasing wealth of material

Read more

Annual report user guide

Another obligation under the AML/CFT Act is to submit an annual report to the AML supervisor – which for accountants is the DIA. The form and content of the annual report is prescribed in schedule 2A of the AML/CFT (Requirements and Compliance) Amendment Regulations 2017 – see schedule 2A. Annual reports in respect of the period 1 July—30 June must be submitted by 31 August each year. For accountants the first annual report will be for the 9 months from 1 October 2018 to 30 June 2019 and will be due by 31 August 2019.

In case you missed it, the DIA published a User Guide for Annual AML/CFT Reports for DNFBPs. This guide is designed to help reporting entities complete an annual report. This may require data that is not captured by your existing systems and processes, therefore you may need to make some changes. You should review the data requirements and perform a gap analysis. You will need to start collecting the information required for the annual report from 1 October 2018.  

To submit an annual report you use the secure electronic uploading facility provided on the DIA website, which will be available for new reporting entities prior to the first report being due.

Find out more

What information do you need for the annual report?

Download user guide

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