Review AML procedures now, practitioners warned
The Law Gazette
21 January 2021
A radical overhaul of the Legal Sector Affinity Group (LSAG) anti-money laundering guidance has today been launched to help the legal profession navigate AML risks and challenges.
The Legal Sector Affinity Group (LSAG) guidance, the definitive guide for the legal sector, has undergone an extensive revision and redraft and replaces previous versions following the introduction of the fifth AML directive last year.
The guidance project has been led by the Solicitors Regulation Authority and the Law Society of Scotland, supported by the Law Society of England and Wales’s Money Laundering Taskforce.
Law Society president David Greene said: 'The guidance includes fully revised and expanded guidance on risk assessments, expanded guidance on source of funds and source of wealth, an updated training section and a new section on how to effectively use AML-related technology to mitigate risk.
In light of these changes, the legal profession should review their current AML governance, policies and procedures and update where appropriate.'
Greene said the Society will be on hand to support members in understanding and applying the guidance.
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