Anti-Money Laundering - Legal Sector Affinity Group (LSAG) Guidance for Law Firms

Introduction

The world of anti-money laundering is constantly changing and over the last couple of years we have seen a flurry of activity and updates.

In January 2020 we saw the introduction of the 5th Money Laundering Directive (5MLD) and since then we have seen the introduction of a new National Risk Assessment (NRA), a new sectoral risk assessment from the SRA, and most recently, in January 2021 the release of the Legal Sector Affinity Group (LSAG) draft AML guidance which was approved by HM Treasury in July 2022.

When we see the release of these new updates it always means more work for the compliance staff and MLRO and training for relevant employees.

The LSAG guidance is a complete upgrade to the old guidance and is now over 200 pages long. Whilst it sets out how we should interpret the money laundering regulations, it also sets out the standards the regulator will use to measure your firms AML compliance.

What You Will Learn

This webinar will cover the following:

• National Risk Assessment (NRA) - update on the risks for the legal sector
• SRA Sectoral Risk Assessment
• SRA thematic reviews - what the SRA are seeing during these reviews
• Main changes in the LSAG guidance including:
• AML governance
• Policies, controls and procedures
• AML risk assessments
• Client due diligence (CDD) and enhanced due diligence (EDD)
• Source of wealth (SoW) and source of funds (SoF)
• Training
• Record keeping
• MLRO reporting

This webinar was recorded on 14th September 2021

Quick Quiz - Test Your Knowledge: Money Laundering