American Bar Association to Issue Gatekeeper Best Practices in Effort to Preempt Lawmakers, Say Consultants

By Brian Monroe

The American Bar Association is crafting a voluntary best practices program for lawyers based on international anti-money laundering standards, say speakers at an organization conference in Washington, D.C. The ABA program, which is based on guidance expected out later this month by the Paris-based Financial Action Task Force (FATF), would include strategies for attorneys to adopt customer identification and enhanced due diligence measures on par with the risk-based anti-money laundering (AML) efforts of the financial industry. The guidance will depart from recommendations delineated by the FATF, which sets global AML standards, in that they will not involve federal regulators and...