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Client suspected of money laundering, financing of terrorism or proliferation financing

Legal Profession (Prevention of Money Laundering, Financing of Terrorism and Proliferation Financing) Rules 2015

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—(1) Where a legal practitioner or law practice has reasonable grounds to suspect that a client may be engaged in money laundering, the financing of terrorism or proliferation financing, the legal practitioner or law practice —(a)must disclose the suspicion, or the information on which the suspicion is based, by filing a suspicious transaction report with either or both of the following, as the case may be:(i)a Suspicious Transaction Reporting Officer;(ii)a police officer or Commercial Affairs Officer; and(b)must consider if it is appropriate to —(i)continue a business relationship with the client; or(ii)establish a new business relationship with, or undertake a new matter for, the client.(2) Where the legal practitioner or law practice continues a business relationship with, establishes a new business relationship with, or undertakes a new matter for, the client mentioned in paragraph (1), the legal practitioner or law practice must —(a)substantiate the reasons for continuing or establishing the business relationship with, or undertaking the matter for, the client, and document those reasons; and(b)subject the business relationship or matter to commensurate risk mitigation measures, including enhanced ongoing monitoring.

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