Rule 62 Rules of Professional Conduct for Legal Practitioners

Rule 62 of the Rules of Professional Conduct for Legal Practitioners (RPC) 2023 is about Risk types or factors. It is under Part III (Risk Based Approach and Client Due Diligence) 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) There is no—
(a) universally accepted set of risk categories, as such the examples provided in these Rules are the most identified risk categories ; and

(b) single methodology to apply these risk categories and the application of these risk categories is intended to provide contextualized situations for approaching the assessment and management of potential Money Laundering (ML) or Terrorism Financing (TF) risks.

(2) To identify risks for smaller law firms and sole practitioners, recourse should be made to the services they offer.