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Anti-Money Laundering Requirements

On May 27, 2021, Convocation approved by-law amendments to implement changes made to the Federation of Law Societies of Canada (“FLSC”)’s Model Rules to fight money laundering and terrorist financing. These amendments come into effect January 1, 2022.

The amendments ensure that the Law Society’s requirements aimed at fighting money laundering and terrorist financing are comprehensive, effective, and up-to-date. In addition, the amendments:

  • Preserve solicitor-client privilege, confidentiality, and the independence of the legal professions by maintaining the Law Society’s anti-money laundering and terrorist financing (AMLTF) rules separate from the federal government’s AMLTF regime
  • Require licensees to conduct sufficient diligence on client transactions to avoid unwittingly becoming involved in or assisting with money laundering, terrorist financing, or other illegal activities
  • Enhance existing provisions aimed at combatting money laundering and terrorist financing and preserve the Law Society’s regulatory authority.


For more information, see the report to Convocation and the information on the FLSC’s website.

For Lawyers and Paralegals

Resources

The Law Society has developed new resources to support lawyers and paralegals with understanding and applying the Law Society’s amended AMLTF requirements:


The Law Society continues  to develop and update AMLTF resources. These new resources will be posted to this page as they become available. Check back here or follow us on social media for updates.


CPD Program

To guide lawyers and paralegals through the by-law amendments, the Law Society’s complimentary CPD program, The New Anti-Money Laundering Requirements: What You Need to Know Before January 1, 2022, will be delivered by webcast on November 12, 2021. Registrants will also be able to access an on-demand version of the program after the program.

Lawyers and paralegals are encouraged to register for this informative program by clicking here.
 

Practice Supports

Lawyers and paralegals with questions about the new requirements may also wish to contact the Law Society’s Practice Management Helpline at 416-947-3315 or toll free 1-800-668-7380 extension 3315 and select the option to connect with the Helpline. 

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