Exemptions to the client verification and source of money rules

Welcome > ADMA > Your Enquiry > Client Identification & Verification > Exemptions to the client verification and source of money rules

Exemptions to the client verification and source of money rules

The following are resources that may be helpful in answering your enquiry. Please familiarize yourself with them before moving on.

In brief: Law Society Rule 3-101 provides specific exemptions to your obligation to verify your client’s identity and to obtain information about the source of money for the financial transaction. A few things to keep in mind:

Some terms in Law Society Rule 3-101 are defined in Law Society Rule 3-98; consider the definitions carefully.
Consider who the client is, the specific transactions being contemplated and how the exemptions may apply - for example, while there may be an applicable exemption for receiving funds, it may not apply to paying the funds.
You may determine it is prudent or necessary in the circumstances to verify a client’s identity and to obtain information about the client and the source of money even if an exemption may apply.