ABA Formal Opinion on Client Due Diligence, Money Laundering and Terrorist Financing


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The ABA’s most recent formal opinion, Formal Op. 463 (May 23, 2013), addresses client due diligence, money laundering and terrorist financing. The Standing Committee on Ethics and Professional Responsibility issued this opinion in the wake of the Voluntary Good Practices Guidance for Lawyers to Detect and Combat Money Laundering and Terrorist Financing adopted by the Association in 2010.

The takeaways? First, the Model Rules are consistent with the “Voluntary Good Practices.” Second, don’t knowingly assist with money laundering or terrorist financing. Did we really need a formal opinion to tell us this?

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