The Federation of Law Societies of Canada has launched a new online learning program, “Anti-Money Laundering and Terrorist Financing in the Canadian Legal Profession”. The program is designed to help legal professionals better understand and respond appropriately to money laundering and terrorist financing risks.
Although some practice areas are more susceptible than others, any legal professional engaged in financial transactions may be targeted by criminals seeking to launder money or finance terrorist activities. To combat these threats, legal professionals must be aware of the risks that could arise in their practice in addition to their legal and regulatory obligations. Without such knowledge of the rules, they may find themselves unwittingly facilitating or participating in criminal activity.
The program is divided into five interactive modules that provide an overview of:
- the problem of money laundering and terrorist financing;
- risks that may be faced by legal professionals;
- key due diligence requirements under the Model Rule on Client Identification and Verification and how to comply;
- proper use of trust accounts; and,
- restrictions on cash transactions.
The program is available at no additional cost and can be accessed through the Federation’s website.
You may consider engaging with this resource as part of your Continuing Professional Development plan.