Legal Sector Affinity Group of the Law Society of Scotland implements updated AML guidance

The Legal Sector Affinity Group has implemented it’s updated guidance on anti-money laundering. The guidance has been approved by HM treasury.

The updates reflect changes in the Money laundering, Terrorist Financing and Transfer of Funds Regulations 2017.

These include:

  • Guidance on the new requirement to carry out proliferation financing risk assessments, either as part of a firm’s existing practice-wide risk assessment or as a standalone document
  • Changes to the duty of report discrepancies to company registries – from 1st April 2023, these will only need to be made in certain defined circumstances.

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