ILFM KNOWLEDGE - SUPPORT - INFORMATION
Today the Law Society has published the new guidance. This is jointly compiled by the Legal Sector Affinity Group (LSAG), which is made up of all the legal sector’s regulatory and representative bodies, including the Law Society of England and Wales.
It is a major rewrite - details below and link to view online or download PDF.
The anti-money laundering (AML) guidance for the legal sector has been extensively reviewed and redrafted following the implementation of the EU’s 5th Money Laundering Directive.
The guidance is designed to support legal professionals and firms in complying with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended).
The regulations have been amended by:
the Money Laundering and Terrorist Financing (Amendment) Regulations 2019
the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020
This replaces previous versions of the guidance and has been published in draft form, pending approval from HM Treasury.
Any content may be amended before the final version is published with the Treasury’s full approval. The authors accept no liability for the content of the guidance.
The guidance is jointly compiled by the Legal Sector Affinity Group (LSAG), which is made up of all the legal sector’s regulatory and representative bodies, including the Law Society of England and Wales.
The guidance replaces our practice note on anti-money laundering.
The Law Society
KNOWLEDGE SUPPORT INFORMATION
We are the UK’s leading membership organisation in the legal sector that provides a range of services designed exclusively for legal finance professionals and legal management professionals, such as legal cashiers, accounts managers, Compliance Officers for Finance and Administration (COFA's) and practice managers, as well as sole practitioners.
By offering recognised professional qualifications, regular and industry-relevant training days, regulatory information, many support features & resources including an industry magazine, the ILFM has become the ‘go to’ for thousands of leading professionals in the legal sector.
For just £120 per year, members benefit from a huge range of valuable benefits.