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Cash Transactions

Part III of By-Law 9 identifies the handling and record keeping requirements for cash transactions.  Effective January 1, 2022, By-Law 9 was amended to clarify the amount of cash that may be received in respect of any one client matter, remove certain exemptions to the cash received rule, and amend the definitions of specific terms. These amendments implement changes made to the Federation of Law Societies of Canada Model Rules for anti-money laundering and terrorist financing (“AMLTF”) and ensure that the Law Society’s AMLTF requirements are comprehensive, effective, and up-to-date.

Below are some of the common questions and answers relating to the cash transaction requirements under By-Law 9.

Cash Limits and Exceptions
Cash Receipts, Records, and Refunds

Terms or Concepts Explained