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Legal regulators to soon decide on tougher client ID rule; is new obligation to verify beneficial owners reasonable?

Tuesday, September 11, 2018 @ 2:50 PM | By Cristin Schmitz

With the Federation of Law Societies of Canada (FLSC) poised to decide next month on a more onerous “know your client” model rule of conduct, some lawyers, and even legal regulators, are asking how practitioners handling financial transactions for client corporations and trusts are supposed to verify these organizations’ beneficial ownership, in the absence of a centralized government registry that publicly discloses such information.

After nearly two years of work by the senior law society officials who make up the FLSC’s anti-money laundering and terrorist financing...