AML Governance & Control - Staying Up To Date with the Latest LSAG Guidance

Introduction

2025 promises to be a busy year in the world of AML/CTF with changes in the legislation, regulations, guidance, more visits from the regulators and more fines for getting it wrong!

The most recent update is to the Legal Sector Affinity Group (LSAG) guidance which was released on 23 April 2025. This is the most important piece of guidance for keeping us on track with the practicalities of MLTF in our daily working life.

Although not a set of ‘rules’, the SRA will consider whether you have complied with this guidance when they undertake a review or inspection.

So, it is important to refresh yourself on the key points and the new changes in the LSAG guidance - what do ‘must’, ‘should’, and ‘may’ mean in the guidance and what has changed in this latest version?

What key points of the guidance are highlighted in the SRA AML Annual Report 2023/24?

If asked, would you be able to tell the SRA why you have deviated away from the guidance?

Are your risk assessments, policies and procedures, and training in line with the guidance?

This updated virtual classroom seminar will ensure you are up to date with the latest guidance and will provide advice on best practice.

What You Will Learn

This live and interactive session will cover the following:

• National Risk Assessment (NRA) - The risks for the legal sector
• The SRA Sectoral Risk Assessment (March 2024) - What to consider when updating your practice wide risk assessment
• The SRA Annual AML report 2023/24 - Facts, figures, and findings
• Key points in the LSAG guidance including:
• AML governance
• Policies, controls, and procedures
• AML risk assessments - Practice and client/matter
• Proliferation financing - Things to consider in your practice wide risk assessment, red flags
• Update on discrepancy reporting
• Due diligence - Client (CDD) and enhanced (EDD)
• Source of Wealth (SoW) and Source of Funds (SoF)
• Training
• Record keeping
• MLRO reporting
• All the changes made in this latest version of the guidance

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.