Press Release from The Law Society
20 January 2021
A radical overhaul of the Legal Sector Affinity Group (LSAG) anti-money laundering (AML) guidance has today been launched to help the legal profession navigate complex AML risks and challenges.
The Legal Sector Affinity Group (LSAG) AML guidance is the definitive guide for the legal sector. It has undergone an extensive revision and redraft and replaces previous versions following the introduction of the fifth AML directive last year, which included changes to client due diligence and enhanced due diligence, as well as a duty to collect proof of registration for trusts and companies.
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.
“The Law Society will be on hand to support members in understanding and applying the guidance and we have a range of resources in place to support members including a series of webinars and our practice advice service.”