UK legal sector – 2021 updated Anti-money laundering guidance
22/01/2021
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.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.