October 18, 2018
2Shakes, a rapidly expanding client onboarding platform, is now emerging as a top choice amongst the New Zealand based accountants and bookkeepers looking to comply with the AML Phase 2 that comes to effect for them on 1st October.
Wellington, NZ October 17th, 2018
2Shakes is delighted to reveal that numerous accountants and bookkeepers are now putting their trust on the company’s recently launched Anti Money Laundering (AML) Extensions to comply with the upcoming rollout of the AML Phase 2 in New Zealand. A highly rated cloud-based onboarding company, 2Shakes has spent the past one year in researching, designing, and demonstrating their AML Extensions to numerous accountants, bookkeepers, lawyers, compliance experts and government representatives. 2Shakes clients are excited about how the AML Extensions will help them to comply with the AML Phase 2, which was introduced to them on 1st July, 2018.
“We have been amazed at the uptake of 2Shakes with our AML extensions, and having been getting some really great feedback from customers.” said Mike Kelly, the CEO of 2Shakes.“It has been really humbling when people have said they considered stopping providing some of their services, or turning away some customers, because of the AML admin they’d need to do.”
The New Zealand government has recently made several changes to the Phase 1 of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act that has been in force since 2013. According to Phase 2 of the law, businesses are now required to put together preventative measures to help tackle money laundering and financing of terrorism. AML Phase 2 will be applicable to the accountants and bookkeepers in New Zealand starting from October the 1st.
As experts in automating onboarding processes, 2Shakes has extended their existing cloud software to deliver a range of smart AML/CFT features to help users comply with the regulatory changes. With 2Shakes, the AML Customer Due Diligence of the users remain embedded as part of the onboarding process. Therefore, the accountants and bookkeepers will have to use just a single application to receive an automated, efficient, repeatable and auditable CDD solution securely stored in the cloud. 2Shakes also helps at audit and reporting time, automatically creating CDD reports per client, as well as CDD statistics required for annual reporting.
“We have found AML add on really really beneficial” says Clare MacGregor, Client Services Co-ordinator at Figuration “it’s easy to use, it’s simple and the extra add on just gives you a good peace of mind”
With the release of the 2Shakes AML Extensions, accountants can sign up a new client, get authority to act for them with government, and carry out legislated AML customer due diligence checks in about 10 minutes instead of two or more hours. Most importantly, the clients will be able to perform the critical tasks online on their own, including signing and proving their identity. In the near future, this can be an excellent compliance solution for real estate agents, for whom the AML Phase 2 will be rolled out on 1st January, 2019.
2Shakes has been a part of R9 Accelerator, a Result 9 Better for Business initiative under the NZ Government's Better Public Services program. The company’s efficient onboarding solution is currently used by more than four hundred businesses, many of whom have already started using the new AML features. The development of the AML Extensions has been funded by Callaghan Innovation, Data Futures Partnership and The Innovation Fund powered by Westpac and All of Government. With an ambitious expansion plan, 2Shakes is currently seeking investment to expand into the UK market.
Given the generous support they have received, 2Shakes is able to offer their software at an extremely competitive price, with the objective of getting as many businesses benefitting from their innovative solution as possible. All 2Shakes customers receive their first ten agreements completely free of charge, with all features, full training environment, as well as online help and tips. Following this, users may opt to pay per agreement or a fixed monthly subscription of $30. All plans from 2Shakes now include the AML Phase 2 extensions.
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About 2Shakes: 2Shakes is a New Zealand based onboarding platform helping bookkeepers, accountants, tax agents, financial advisors, and many other professionals to save time, effort, and frustration in their onboarding process. The company has just released their new Anti Money Laundering (AML) Extensions to help their clients comply with the requirements of the upcoming Anti Money Laundering Phase 2.
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