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

Introduction

2025 will, once again, be a busy year in the world of AML/CTF - changes in the legislation, regulations, guidance, more visits from the regulators and more fines for getting it wrong!

The most recent up to date Legal Sector Affinity Group (LSAG) guidance was released in March 2023 with an additional small addendum added in December 2023. It is the most important piece of guidance for keeping us on track with the practicalities of MLTF in our daily working life.

Although not a set of ‘rules’, the SRA will consider whether you have complied with this guidance when they undertake a review or inspection.

So, it is important to refresh yourself on the key points of the LSAG guidance - what does ‘must’, ‘should’ and ‘may’ mean in the guidance?

What key points of the guidance are highlighted in the SRA AML Annual Report 2023/24?

If asked, would you be able to tell the SRA why you have deviated away from the guidance?

Are your risk assessments, policies and procedures and training in line with the guidance?

What You Will Learn

This live and interactive session will cover the following:

• National Risk Assessment (NRA) - The risks for the legal sector
• The SRA Sectoral Risk Assessment (March 2024) - What to consider when updating your practice wide risk assessment
• The recently released SRA Annual AML report 2023/24 - Facts, figures, and findings
• SRA thematic reviews - An update on what the SRA are seeing on their visits and the NEW thematic review for 2025
• Key points in the LSAG guidance including:
• AML governance
• Policies, controls and procedures
• AML risk assessments - Practice and client/matter
• Proliferation financing - Things to consider in your practice wide risk assessment, red flags
• 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
• Funds from China advisory notice

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.