Risk Advisory: Client ID Rule Changes, Money Laundering, & New Tool to Help

The Society’s Council approved changes to the Client ID Rules effective January 1, 2020. We’ve outlined the changes at http://bit.ly/Client-ID-RegChanges.

This is an opportunity to review the Client ID Regulations at 4.13 with the lawyers and staff in your firm.

You may be a target to criminals or terrorists seeking to defraud you or to launder money. It’s a reality of practice that isn’t limited to just Vancouver, Toronto or Halifax. Criminal organizations are active in our communities making money off drugs, human trafficking, fraud etc.

If you do transactions (property or commercial) or corporate work, and especially if you don’t see yourself as at risk, you are a target. Criminals with money are often smart enough that you could have trouble suspecting anything amiss. They will not look like criminals, but they will look for lawyers with their guard down. Remember, they want your good reputation to help cloak their assets.

The Federation of Law Societies (FLSC) has developed a risk advisory, which includes a helpful checklist that outlines risks of money laundering and terrorist financing.

The Society’s Professional Responsibility Counsel Elaine Cumming works with FLSC on this project and is a great resource if you have questions or suspicions. Connect with Elaine at ecumming@nsbs.org.

For practice support and questions, please contact the Society’s Legal Services Support at lss@nsbs.org.