Legal Sector Affinity Group Draft AML Guidance for Law Firms – what you should know LIVE Webinar
Legal Sector Affinity Group Draft AML Guidance for Law Firms - what you should know
Every day something changes in the world of Anti-Money Laundering. We have recently seen changes to the National Risk Assessment (NRA), the release of the SRA new sectoral risk assessment and the recommendations given on AML by the SRA in their Risk Outlook.
But the biggest change has been with the release of the Legal Sector Affinity Group (LSAG) draft AML guidance for law firms. Released on 28th January 2021 it is complete upgrade to the old guidance. At over 200 pages long it is quite a read. It sets out how you should interpret the money laundering regulations and also sets out the standards the SRA will use to regulate your AML compliance.
You have to consider the things you ‘must, should or may’ do in the guidelines. This online Zoom session will guide you through the recent updates and changes in the guidance including:
- National Risk Assessment (NRA) – the risks to the legal sector
- SRA Sectoral Risk Assessment – what to consider when updating your practice wide risk assessment
- SRA Risk Outlook 20/21 – what you can do and the recommendations of the SRA
- SRA thematic reviews – an update of the SRA’s findings
- Key changes in the LSAG guidance including:
- AML governance
- Policies, controls and procedures
- AML risk assessment – practice and client/matter
- Due diligence – client (CDD) and enhanced (EDD)
- Source of wealth (SoW) and Source of Funds (SoF)
- Record keeping
- MLRO reporting
Joanna Morris has over 30 years’ experience of working in solicitors’ practices from being a legal cashier, practice manager & training manager. Joanna is a freelance trainer and consultant having previously been the Risk & Regulatory Compliance Training Manager at a top 40 law firm. Jo currently delivers training in many compliance subjects, both to the public and in-house clients, on AML, GDPR, SRA Accounts Rules and courses designed specifically for the MLRO, DPO, COLP and COFA.