Rule 58 Rules of Professional Conduct for Legal Practitioners
Rule 58 of the Rules of Professional Conduct for Legal Practitioners (RPC) 2023 is about Record Keeping. It is under Part II (Obligation of Legal Practitioners in Relation to Anti-money Laundering and Combating the Financing of Terrorism) of Chapter 2 (Guidelines and Rules on Anti-money Laundering and Combating Financing of Terrorism for Legal Practitioners) of the Rules. It provides as follows:
(1) A Legal practitioner shall maintain an up-to-date record of necessary information of his clients that will aid the identification of such client and to keep or process such information in accordance with relevant data
protection and client professional privilege laws and Rules applicable in Nigeria.
(2) A Legal practitioner shall ensure that information, documents, or data collected under the client’s identification process are kept up-to-date and relevant by undertaking regular reviews of existing records, particularly records in respect of high-risk business relationship or categories of customers, and such records
shall be kept for a minimum period of five years.
(3) A Legal practitioner shall maintain necessary records of transactions, for both domestic and international clients and transactions, for a minimum period of five years, following the completion of the transaction or termination of the business relationship.
(4) The obligation of legal practitioners to keep and preserve records shall subsist regardless of whether the transaction or business relationship is on-going or terminated,
