Network News

National Conference: Welcome Dinner

With so many editions to choose from, what will you dress up as?

The National Conference is just around the corner, get ready to roll the dice and pass "Go" with our Monopoly-themed dress-up night!

If you can envision it, there's probably a Monopoly edition that fits your costume idea perfectly. Get ready for a night of Monopoly-inspired fun!

Meet our Speakers: Wade Jackson

Wade Jackson is a speaker, author and high performance coach with a diverse background in the arts and sciences.

He has worked as a leadership consultant for the Singapore Armed Forces, a peak performance strategist in Silicon Valley and his work is endorsed by world leading management thinkers such as Stephen Covey and Edward de Bono. 

An award-winning improv-comedian, he is also fluent in Japanese, has three black belts in martial arts and is a hypnotherapist. 

New Performance Partner - SATS (Smoke Alarm Testing Services)

Welcome to Smoke Alarm Testing Services - SATS our newest performance partner, they are a professional smoke alarm testing company committed to protecting life’s most valuable assets by ensuring that all properties have the correct amount of tested and working smoke alarms. 

They are at the forefront when it comes to legislation changes, ensuring your compliance with relevant smoke alarm legislation is fully taken care of. Their dynamic systems and processes for regular inspections and maintenance provide peace of mind and protection to the Landlord, Tenant and Agency.  

Check them out in our Performance Partners section.

Update from REINZ Industry Leadership Meeting

Recently, REINZ had an Industry Leadership meeting. We can share the following updates from their discussions.

Review of the Code of Conduct

Currently there is a review of the Code of Conduct, attendees were asked for feedback which will be passed on to the REA.

AML/CFT Reform Update

REINZ met with the Principal Advisor for the AML/CFT Act Programme in the Ministry of Justice (MoJ). The purpose of the meeting was to understand the next tranches of work and to see when and where we can usefully get involved.

Currently, the National Risk Assessment (NRA) on the AML regime is being completed. This is led by the Financial Intelligence Unit (FIU).

The MoJ is currently working on a Discussion Document. While there isn't a specific timeline established yet, stakeholders will have an opportunity to provide input once the Discussion Document is released. They hope to have it ready by the third quarter of the calendar year, but it might be Q4.

During discussions with MoJ, a key point emphasised was the genuine desire to reduce costs for businesses. Efforts are being directed towards delivering the regime in a more streamlined manner. This involves exploring avenues to eliminate unnecessary duplicate processes, particularly concerning CDD. Moj are looking into more criteria that can fit in the simplified CDD category. There are also considerations on having a Corporate Registry and Trusts Registry that the reporting entities can rely on to reduce costs and excessive burden on reporting entities to conduct CDD/Enhanced CDD on these entities. Overall, the intention is to make AML more efficient and effective and to implement a truly risk-based approach. 

Regulation 16

REINZ are currently working with MoJ on a few minor changes to Regulation 16:

1. You will recall there’s a typo in the 16(3) definition of conjunctional agent – they have asked them to fix it.

2. It's been suggested REINZ change assignor to assignee in 16(1)(b) – they have asked them to change this.

3. REINZ have explained that with the benefit of hindsight, they would like to delete reference to assignment of lease and  sublease altogether as it is unnecessarily prescriptive (i.e. delete 16(1)(b) and (c)).

Next steps for REINZ on the AML advocacy front are:

1. Making contact with the FIU on the NRA (there is no intention to involve the different sectors in the national risk assessment but REINZ will try to see if they can create an opportunity to feed in).

2. Making contact with DIA to understand more about the real estate sector risk assessment and timings.

3. Meeting with the Minister, Hon. Nicole Mckee. REINZ are told she is very keen to understand the impact of the AML laws on the ground and what the challenges are. They have a meeting request in and will follow up.

4. Closing out the changes with MoJ to Regulation 16 (see above)

5. Keeping an eye out for the discussion document so they can work with MoJ to tee up workshops and facilitate feedback on the discussion document.

Check Out the Calendar for Upcoming Events