AML Governance & Control - Staying Up To Date with the Latest LSAG Guidance

Introduction

What a year 2023 has been in the world of AML.

We have had so much new guidance, warning notices, and templates from the SRA together with the release of the SRA AML Annual Report.

One major update came in March 2023 with the releases of a new version of the Legal Sector Affinity Group (LSAG) guidance. Just when we thought we had all the changes in place from the previous version, we must update things again.

So, have you had chance to read up on this again?

It’s over 220 pages long so a lengthy read. Have you revisited, reviewed, and updated your practice wide risk assessment, policies and procedures and training in line with the new version?

March was a busy time for new guidance as the LSAG also released additional guidance on Chinese underground banking and funds from China. Again, something to consider for your risk assessment, policies, and procedures and training.

This new virtual classroom seminar will provide you with an invaluable insight into the recent updates and changes in the guidance together with a refresh of the key points.

What You Will Learn

This live and interactive session will cover the following:

• National Risk Assessment (NRA) - the risks for the legal sector
• The NEW SRA Sectoral Risk Assessment - what to consider when updating your practice wide risk assessment
• The recently released SRA Annual AML report 22/23 - facts, figures, and findings
• SRA thematic reviews - an update on what the SRA are seeing on their visits
• Key changes in the LSAG guidance including:
• AML governance
• Policies, controls and procedures
• AML risk assessments - practice and client/matter
• NEW - proliferation financing - things to consider in your practice wide risk assessment, red flags
• NEW - update on discrepancy reporting
• Due diligence - client (CDD) and enhanced (EDD)
• Source of Wealth (SoW) and Source of Funds (SoF)
• Training
• Record keeping
• MLRO reporting
• Red flags and warning signs
• NEW - funds from China

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.