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Anti money-laundering guidance

Cruzlaw draws your attention to the anti-money laundering (AML) guidance for the legal sector that has been extensively reviewed and redrafted following the implementation of the EU’s 5th Money Laundering Directive.

The guidance is designed to support 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.

Any content may be amended before the final version is published with the Treasury’s full approval. The authors accept no liability for the content of the guidance.

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 has two parts:

2b and 2c are to be read alongside part one of the guidance. 2a is designed to be read independently of part one.

The guidance replaces our practice note on anti-money laundering.

Browse the interactive guidance here.

Credit: The Law Society