2019 REA (AML only)
[2019V-AML]
Price: $ 34.95+GST (compared to $ 39.95 elsewhere)
The Anti-Money Laundering Act portion of the 2019 CPD must be taken by all real estate professionals, regardless of exemption status. This is the 90 minute portion of the 2019 CPD. Note: this AML section is included in the full 2019 CPD and does not need to be taken separately.
Table of Contents
1.5 hour REA mandatory (AML only) module
Table of Contents
Real Estate Continuing Education 2019, Anti-money laundering: your compliance requirements, covers the following information:
Learning objectives
Introduction to money laundering
Money laundering in New Zealand
Risk of money laundering activities using real estate
NZ legislation & real estate
Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act)
Real Estate Agents as ‘Reporting Entities’ and captured activities
Money laundering offence
The role of the Department of Internal Affairs (DIA)
The supervisor for real estate agents
Powers of supervisors
Reporting entity: compliance requirements
Statutory requirements of reporting entities
AML/CFT Requirements
Risk Assessment
AML/CFT programme and Compliance Officer
Undertaking due diligence: your obligations
Who is our customer under the AML/CFT Act?
Customer Due Diligence
Levels of customer due diligence
Standard customer due diligence
Simplified customer due diligence
Enhanced customer due diligence
Steps to follow when assessing CDD requirements
Examples of CDD
Example 1 – Standard CDD: residential
Example 2 – Standard CDD: commercial
Example 3 – Simplified CDD: commercial
Example 4 – Enhanced CDD: family trust
Example 5 – Enhanced CDD: residential Politically Exposed Person (PEP)
Reporting obligations under AML/CFT
Financial Intelligence Unit (FIU)
Suspicious activity reports (SARs)
Prescribed transaction reports (PTRs)
Reporting Summary
Relationships with other AML/CFT reporting entities
Recognising red flags
Expectations of the DIA on all licensees
Appendices
Appendix 1 – Excerpts from the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (known as the AML/CFT Act)
Appendix 2 - AML/CFT Act: customer due diligence sections
Appendix 3 - Occasional activity or transaction and definition of customer
Appendix 4 - Identity Verification Code of Practice 2013 / Explanatory Note (Dec 2017)
Appendix 5 - Suspicious Activity