Solicitors must review their anti-money laundering policies in light of definitive new guidance, the Law Society warned.
But the guidance has attracted criticism for being “forbidding” and failing to be sufficiently simple and user-friendly.
The Legal Sector Affinity Group (LSAG) has just launched new guidance following a “radical overhaul” in light of the complex risks and challenges. It comes in the wake of the fifth money laundering directive (5AMLD) which came into force a year ago.
The new guidance, which has yet to be approved by HM Treasury, takes in changes to client due diligence and enhanced due diligence, and a duty to collect proof of registration for trusts and companies. ...