On May 24, 2024, the EU Parliament approved the Corporate Sustainability Due Diligence Directive (CSDDD), establishing stringent new requirements for large companies operating within and outside the EU to conduct thorough due diligence on human rights and environmental impacts. The directive applies to companies with significant employee counts and financial turnovers and includes those engaged…
The American Bar Association House of Delegates has adopted new rules regarding due diligence obligations for lawyers
The American Bar Association House of Delegates has adopted new rules regarding due diligence obligations for US lawyers. The proposed changes to Model Rule 1.16 will explicitly outline lawyers’ due diligence obligations to inquire about and assess the facts and circumstances of a matter, helping them avoid unknowingly getting involved in clients’ criminal and fraudulent…
The American Bar Association has published a third draft discussion paper on amendments to lawyers’ client due diligence
The American Bar Association have published a Discussion Draft of possible amendments to the Model Rules of Professional Conduct. The Standing Committees on Ethics and Professional Responsibility and Professional Regulation have developed this draft to address lawyers’ client due diligence obligations. The previous two discussion papers have focused on Model Rule 1.2(d) (Scope of Representation…
MIT Computational Law Report: Generative AI for Law and Legal Processes
The MIT Computational Law Report has convened a task force to develop principles and guidelines for applying due diligence and legal assurance to Generative AI for law and legal processes. The purpose of this task force is to ensure factual accuracy, accurate sources, valid legal reasoning, alignment with professional ethics, due diligence, and responsible use…
The NOvA publishes updated guidelines for lawyers and firms on anti-money laundering
The new manual outlines tools to help lawyers and law firms comply with the obligations set out in the Money Laundering and Terrorist Financing Prevention Act (Wwft). These include which lawyers are (not) subject to the Wwft, what services are subject to the Wwft and which fall under the so-called process exemption, what the customer…
Legal Sector Affinity Group for England and Wales publishes new guidance on anti-money laundering and SRA sectoral risk assesment
The Legal Sector Affinity Group (LSAG) which is made up of representatives from the different regulatory and representative bodies in the legal profession, releases information and guidance for legal services professionals. The LSAG 2020 guidance provides a detailed commentary on recently amended UK regulations on money laundering (as well as the 2017 regulations). The LSAG…
SRA publishes the findings of its money laundering review
The SRA’s review of 50 firms has shown that although most law firms are doing what is needed to tackle money laundering, some need to do more. The review of firms – large and small – explored the profession’s compliance with the more stringent demands of the Money Laundering Regulations 2017, introduced last June. It also…