Regulations on Anti-Money Laundering & Countering the Financing of Terrorism Operations Matters Conducted by Attorneys Article 4

While an attorney and the client establish the attorney-client relationship, the attorney shall apply a risk-based approach to verify the identity of the client.The “risk-based” specified in the preceding paragraph shall set the background of the client, types of transaction, transaction amount and direct source or destination of funds as the assessment matters; the direct source or destination of funds or the client which comes from high-risk countries or territories shall be assessed as high-risk.Anyone who is assessed as high-risk shall obtain the consent of the leading attorney or the attorney in charge of operation/management of a law firm or a dedicated person designated by him/her while establishing the attorney-client relationship, and it shall pay constant attention to any situation that should be reported according to the provision of Article 10.