[HS] AML/CFT for All Lawyers: From Regulation to Practice
The 2023 Amendment Regulations have been implemented in stages, affecting practicing lawyers and financial institutions in several ways. Notably, key aspects of customer due diligence, have been impacted by these amendments. What if the client does not disclose that they have a nominee shareholder? Who should you identify if you receive instructions from another lawyer? WEB2410NZA14
Description
Attend and earn 1 CPD hour
Chair: Daniel McLaughlin, Special Counsel, Dentons
1.00pm to 2.00pm Implementing AML/CFT Regulatory Changes
- Identifying the Ultimate Beneficial Owner of a Client
Explore a case study of a company with an ultimate beneficial owner and provide tips on how to identify them
- Identifying a Nominee Shareholder/Director/Partner
Examine one case study of a company and another of a limited partnership to illustrate the process
- Distinguishing Between a Person Acting on Behalf of a Customer and a Person on Whose Behalf a Transaction is Conducted
Work through two scenarios to clarify the differences
- New Requirements on 'Powers That Bind'
Analyse case studies involving a company and a limited partnership to understand the meaning of 'powers that bind' and best practices for meeting this requirement
- New Requirements for Enhanced CDD on Trusts
Review a mock trust deed to understand the new requirements
- A Look Ahead: Closing Remarks on Individual Customer Risk Rating
Gain insights on assessing individual customer risk ratings
Presented by Giulia Dondoli, AML Senior Consultant
Learning Objectives:
- Learn effective detection methods for nominee roles and best practices for compliance with new 'powers that bind' requirements
- Prepare for future regulatory changes, including the 2025 individual customer risk rating, and understand additional measures for settlors and protectors
Presenters
Daniel McLaughlin
Daniel is a Special Counsel in the Private Wealth team. He specialises in personal asset planning and structuring, and provides domestic and international clients with strategic advice in relation to the organisation and regulation of private wealth. He is an expert in trusts and trusteeship issues, wills, succession and estates, relationship property, and other personal asset planning matters. He advises private clients, family offices, trustees, and financial institutions. He also has experience with New Zealand foreign trusts, AML/CFT and the CRS and FATCA reporting regimes. Daniel's previous experience in tax law means he quickly identifies potential domestic and international tax issues that arise in relation to clients' personal asset planning.
Giulia Dondoli
Giulia Dondoli is an expert in Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT), bringing extensive experience in auditing, consulting, and training. She is the proprietor of Total AML, where she provides AML/CFT consulting and training services across New Zealand, Australia, and the Pacific Island Nations. Previously, Giulia served as an AML Senior Consultant at AML Solutions and as an AML Compliance Administrator at Russell McVeagh, where she managed compliance programs and client assessments. Giulia’s leadership in AML/CFT consulting is complemented by her experience in public speaking and training, having conducted numerous workshops and authored training materials.