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.
- 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.