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.

--

For more information on how Advantage365 can help your law firm, please call us on 0121 212 6580 or request a free call-back using our contact form https://www.advantage365.co.uk/contact to get free initial advice. You can also access a wealth of free business information for lawyers by visiting our digital Resource Centre https://www.advantageconsulting.co.uk/resources and view our free Business Factsheets https://www.advantageconsulting.co.uk/factsheets .

Alternatively, please subscribe to our services here https://www.advantage365.co.uk/subscribe-advantage365 or book an online consultation here https://www.advantage365.co.uk/book-online, or email us on info@advantage365.co.uk
https:/www.advantage365.co.uk