Legal Sector Affinity Group updates AML guidance
The Legal Sector Affinity Group (LSAG) has published the latest update to its HM Treasury-approved guidance on preventing money laundering in the legal sector.
The changes reflect the recent amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
The changes include:
- Guidance on the new requirement to carry out proliferation financing risk assessments, either as part of the firm’s existing practice-wide risk assessment or as a standalone document.
- Changes to the duty to report discrepancies to company registries – from 1 April 2023, these will only need to be made in certain defined circumstances.
The latest guidance, titled Legal Sector Affinity Group (LSAG) Anti-Money Laundering Guidance for the UK Legal Sector (Part 1), can be found in full on our AML Toolkit page.