As Financial-System Gatekeepers, Lawyers Must be Careful with Clients

Chicago Daily Law Bulletin

Partner Matthew Luzadder discusses the global push by anti-money laundering and counter-terrorist financing enforcement authorities to have lawyers become gatekeepers to the financial system. Matt explains that in 2003, the Financial Action Task Force stated that lawyers should be subject to anti-money laundering consumer due diligence. His advice is that lawyers should take a risk-based approach and perform due diligence — lest they end up as an example in an ethics course, or worse.