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Type Speaker CPD Hours Level
Webinar
1.5 UpdateInformation
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SRA Competency A D

Introduction

The world of anti-money laundering is constantly changing and recently 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, the release of the SRA Risk Outlook and, most recently, the release of the Legal Sector Affinity Group (LSAG) draft AML guidance.

When we see the release of these new updates it always means more work for the compliance staff and MLRO. Although the guidance is awaiting approval it is time to prepare for the changes this new guidance brings.

The 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 Risk Outlook 2020/21 - AML is still one of the priority risks
  • 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

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Anti-Money Laundering - Legal Sector Affinity Group (LSAG) Draft Guidance for Law Firms

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