The Act on Preventing Money Laundering applies to lawyers and others offering legal services when they are dealing with cases defined more closely in the Act on Preventing Money Laundering. The Act on Preventing Money Laundering is applied mainly to cases which are not connected to trials or preliminary investigations.
The Act on Preventing Money Laundering is applied to the majority of cases and often the nature of a customer’s case may change from the early stages so that e.g., a civil suit changes to dealing with the customer’s affairs more extensively. Thus, it is important that the requirements of the Act on Preventing Money Laundering have been dealt with throughout the relationship with all customers.
In accordance with the Act on Preventing Money Laundering, the lawyer and provider of legal services must identify the customer and his/her representative and verify the identity. The political influence of the customer must also be reviewed and a topical customer-specific risk assessment produced. The beneficial owners must be identified and also verified if they are from a high-risk country or the customer has been assessed as high-risk for other reasons. The information must be stored in a reliable way and archived for five years after the customer relationship has ended.