Jun 30, 2021
In 2017, the UK enacted The Money Laundering, Terrorist Financing and Transfer of Funds Regulations. Over the past few years, there have been a number of changes to these regulations. To help those governed by the Regulations navigate the ever-changing AML landscape, certain bodies have compiled industry-specific guidance. Two of those bodies are the Legal Sector Affinity Group (LSAG) and The Joint Money Laundering Steering Group (JMLSG).
Their guidance was published for the legal and financial sectors respectively. However, the risks faced by an organisation will vary on a case-by-case basis. Accordingly, many of our clients are still unsure as to what constitutes best practice, particularly with regards to carrying out onboarding risk assessments.
In this episode, our experts explore the latest guidance, why it is necessary and what best practice reporting looks like.
Free AML resources: www.vinciworks.com/aml