AML matters
With fines becoming more common and higher in value, Colette Best outlines the recent anti-money laundering changes that should be on your radar
It’s shaping up to be another busy summer with lots of anti-money laundering (AML) changes on the horizon. We’ve recently had updates to the approved Legal Sector Affinity Group (LSAG) guidance, meaning firms need to make sure they amend their policies to reflect these. There are also lots of likely regulatory changes in the pipeline, and imminent changes to the legislation itself. Let’s consider each of these in turn.
Changes to the guidance
The government-approved legal sector AML guidance has recently been updated. Helpfully, given how unwieldy it is (currently 228 pages), the LSAG guidance contains a schedule of amendments for reference.
Many of the latest amendments are administrative in nature (for example, to remove the reference to schedule 3ZA setting out high-risk third countries and instead refer to the Financial Action Task Force (FATF) ‘black and grey’ lists). However, some updates need a bit of consideration, and you’ll need to update your policies if you haven’t incorporated these already.
Regulatory changes and initiatives….
This is premium content
In order to access this content you must be a member of the Risk and Compliance Section and logged in.
If you have not registered before, register now to gain access to this content. You must use the email associated with your section membership.
Log inNot a Risk and Compliance Section Member?
Join nowif you require assistance with joining this section, please email us at msadmin@lawsociety.org.uk or call us on 0207 320 5804