2019 REA (AML only)

[2019V-AML]

Price: $ 44.95+GST

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