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Anti-Money Laundering

Money laundering and terrorist financing (MLTF) are serious crimes that affect the security and safety of all Canadians. As the regulator of the legal professions in Ontario, the Law Society has a duty to ensure that lawyers and paralegals do not facilitate MLTF or other illegal activities.  

On January 1, 2022 new by-law amendments aimed at combating MLTF came into effect. These amendments enhance the Law Society’s existing anti-money laundering requirements while preserving solicitor-client privilege, client confidentiality, and the independence of the legal professions. The changes also impact licensee obligations relating to client identification and verification, cash transactions, and trust accounting.

The Law Society has developed the below list of resources to support licensees with understanding and complying with the new MLTF requirements. Reviewing these resources and using these practice tools is optional. However, doing so may assist licensees with managing risk or demonstrating compliance with their professional obligations.

Background and Overview of MLTF Amendments

New MLTF Requirements

MLTF Risk Factors and Red Flag Indicators

Federation of Law Societies of Canada (FLSC) Risk Advisories for the Legal Profession

For questions relating to the new requirements or how they impact licensee obligations, licensees should contact the Law Society’s Practice Management Helpline at 416-947-3315 or toll free 1-800 668-7380 and select the option to connect with the Helpline.

Other Resources

 Last Updated: January 21, 2022

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