UK legal sector – 2021 updated Anti-money laundering guidance
The anti-money laundering (AML) guidance for the legal sector has been extensively reviewed and redrafted following the EU’s 5th Money Laundering Directive implementation.
The guidance supports UK 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.
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.
NOTE:- Any content may be amended before the final version is published with the Treasury’s full approval.
Download a PDF version.