Developments since our March 2023 Risk Update, including legislation, further guidance, reports and a Court of Appeal decision, demonstrate – if anyone might have been in doubt – the ramping up of the burdens of AML compliance on the legal profession.
Guidance includes the Legal Sector Affinity Group (LSAG) Guidance, updated in March 2023 to cover the now mandatory consideration of proliferation financing in Practice Wide Risk Assessments, and changes to the duty to report discrepancies to company registries.
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