Lexis®Library update: It follows implementation of Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 (5MLD), which made changes to the Anti-Money Laundering (AML) Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692.
The updated guidance includes a new section on technology (addressing the need for firms to understand the technology they have in order to use it effectively) and aims to support legal professionals in complying with MLR 2017 (as amended) and replaces previous versions of the guidance as well as the Law Society's practice note on AML.
The guidance is currently in draft form, pending approval from HM Treasury.
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 20 January 2021 and is published with permission. Further information can be found at: www.lexisnexis.com
Source: https://www.lawsociety.org.uk/topics/anti-money-laundering/legal-sector-affinity-group-publishes-updated-aml-guidance-for-the-legal-sector
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