Overview
This short webinar gives New Zealand law firms a practical AML/CFT update. It explains the domestic wire-transfer exemption, the new Regulation 8 prescribed-transaction reporting (PTR) rule for international transfers over NZD 1,000, and what hasn’t changed about monitoring client funds. You’ll also see the DIA’s current supervision approach and a hands-on walkthrough of capturing clear Nature & Purpose statements in OneLaw to support accurate risk assessment and ongoing monitoring.
In this video you'll learn
- What changed: the domestic wire-transfer exemption and how Regulation 8 PTRs apply to international trust-account movements (likely including fees ≥ $1,000).
- What hasn’t changed: your obligations to conduct CDD/EDD when managing client funds and to monitor for red flags (complex/large, unusual patterns, no clear lawful purpose, ML/TF indicators).
- Simplified CDD for certain low-risk entities acting electronically - and what needs to be documented.
- What’s likely coming: reduced address verification, scaled-back EDD for suitably low-risk trusts, stronger expectations around reliance and e-verification providers, and client risk-rating feeding your monitoring.
- How the DIA is supervising now (RFIs, desk/on-site audits) and practical tips for responding well.
- Why Nature & Purpose is the crux of risk assessment, with strong/weak examples and when to include funds-flow notes.
- Where to record and maintain Nature & Purpose in OneLaw (seeing the latest entry on new matters and viewing the full history).
Watch the webinar below to learn from this practical AML/CFT update and demonstration
Hosted by AML Assist Director Craig Treder & OneLaw Customer Success Manager Robyn Smillie.
Recorded on 27 February 2024
Key Takeaways
- Domestic wire-transfer rules no longer apply to law firms; Regulation 8 PTRs are required for international trust-account movements ≥ NZD 1,000.
- CDD/EDD obligations remain unchanged — firms must still monitor client funds and identify red-flag patterns.
- Simplified CDD may be used for qualifying low-risk entities acting electronically, provided conditions and documentation are clear.
- DIA supervision has increased through RFIs and on-site audits — prepare well-structured responses.
Strong “Nature & Purpose” statements (including funds-flow notes when relevant) form the foundation of effective risk assessment and monitoring in OneLaw.