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. ...

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