Webinars by Practice Area
Legal Sector Affinity Group (LSAG) Guidance on AML
Recorded on: 23/02/2021
The LSAG have rewritten and recast their 200-page Guidance Note, and we in the legal profession are all encouraged to review our policies, controls and procedures (or PCPs) in the light of the new guidance.
An intense read, the Guidance has not yet received official Treasury approval, so some changes may still be made. However, this shows the current thinking on the parts of all regulators of the legal profession.
With new sections on High-Level Compliance Principles, a new section on PWRAs (practice wide risk assessments for those in the know), a new chapter on Technology and new sections on BOOMs and the requirements for training, the revamped Guidance Note does not say anything radically different, but its revision has led to some enthusiastic inclusions.
This seminar will look at the overall structure of the Guidance, draw attention to what it says about Risk Assessment and CDD steps that need to be taken and will explore the subtle pressure it exerts on us all to do our AML scrutiny jobs fully, comprehensively and diligently.
All acronyms will be fully explained.
This seminar will look at the following topics:
- The 36 General Compliance Principles
- New details on screening of staff (especially BOOMs (beneficial owners, officers and managers))
- CDD principles – can electronics help?
- EID&V on BOs
- Source of wealth AND source of funds enquiries – doing and recording
- The role of technology
- New, detailed, training requirements
- WRITE EVERYTHING DOWN and other points to watch