MONTH-IN-BRIEF (Jan 2023)
Ethics and Professional Responsibility
Third Draft of AML-Related Amendments to Model Rules Under Consideration
On January 23, the ABA Standing Committee on Ethics & Professional Responsibility (the “Ethics Committee”) and Standing Committee on Professional Discipline (collectively, the “Committees”) jointly issued a third discussion draft of possible changes to the Model Rules of Professional Conduct relating to anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”). This initiative, like those previously discussed in BLT last August and last January, arises from concerns about the future of self-regulation in the wake of the Corporate Transparency Act (the “CTA”) and increased AML/CFT pressure from the Treasury Department.