UK’s Solicitors Regulation Authority (SRA) has asked law firms to verify that they are up-to-date with the latest amendments and regulations about money laundering by reading its new guidance on the matter.
The SRA’s new guidance, called the Legal Sector Affinity Group (LSAG) 2020, is a dedicated sectoral risk assessment highlighting the specific risks and challenges within legal services. The legal services supervisors in the UK have collaboratively developed this guidance. The SRA recommends that law firms should use its guidance as a template for developing their individual firm-wide risk assessments.
The guidance discusses the AML regulations law firms must know about. It provides a greater understanding of source of funds, high-risk sectors, cash acceptance and customer due diligence. Among other things, it also discusses why firms must understand the technology they use to use it effectively.
Source: Solicitors Regulation Authority