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New Law Society Requirements: Getting to Know You

January-8-2009

Summary

On January 1, 2009, a new Law Society of Upper Canada By-Law (7.1) came into force that imposes on all Ontario lawyers “client identification” requirements for all new matters (for existing and new clients alike) and “client verification” requirements for certain types of matters on which we are involved in the transfer of cash, currency, securities, negotiable instruments and the like on behalf of our clients.  All of the Law Societies across Canada have agreed to implement similar requirements.  It requires us to obtain from our clients and maintain in our records certain information some of which we did not collect before, and to independently verify such information in certain circumstances, most commonly when a client’s funds pass through our trust accounts.

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