System: Practice Pro/Practice Pro + GEO: New Zealand Trust Plug-in: New Zealand
To satisfy regulations pertaining to New Zealand Anti-Money Laundering, Actionstep offers the ability to capture additional information for an International Funds Transfer by selecting it as the payment method for trust receipts and payments.
Note: International trust transfers are part of anti-money laundering functionality, which is available with the NZ Law Society Trust plugin. Other trust jurisdictions will not have this feature, as they are not subject to the regulation.
International Funds Transfer
The International Funds Transfer payment method captures additional information that may be necessary to report international transactions. This payment method is available when receiving trust funds or making payments from a trust account.
This feature is currently in preview. Go to Admin > General settings, and scroll down to the Feature Preview section to turn on "All International Funds Transfers for Trust Records" under Features in Early Access. For more information, see System Preferences - Feature Preview.
When receiving funds to your trust account, select the "International Funds Transfer" payment method. This marks the transaction as an international funds transfer and provides additional fields to capture the Transaction reference and Issuing bank.
When making a payment from your trust account internationally, select the "International Funds Transfer" payment method. This marks the payment as an international funds transfer and provides fields to capture the Transaction reference, To account number, To account SWIFT number, and Issuing bank.
In order to find a list of international receipts go to the global “Trust” menu > “Receipts” > “Received Funds List” filter by “International” and make sure to save the filter so you do not need to do this every time.
In order to find a list of international payments go to the global “Trust” menu > “Payments” > “Payments List” filter by “International” and make sure to save the filter so you do not need to do this every time.
You can export these lists as .csv files by clicking on “More” > “Export”.
Remember you can set up a heads up rule so that these filtered lists are sent to you daily/weekly depending on your process. To find out how to set up a heads up rule – go to: Heads Up Rules
Reporting - Extract
The information in relation to international funds transfer receipts and payments has also been made available to the Actionstep Data Exporter Service (or SQL nightly extract). This is useful for firms who would like to automate the process of lodging Prescribed Transaction Reports (PTR’s).
For more information about the Actionstep Data Exporter Services please refer to: Data Extract Contains the Following Data
Q. Can I obtain this information through the API?
A. Unfortunately, no you can’t obtain any trust information through the API at this time. If you would like to request this through the team please lodge a support ticket.
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