The UK Legal Sector Affinity Group (LSAG), which includes the Faculty Office of the Archbishop of Canterbury and all the legal sector supervisors named in the Anti-Money Laundering (AML) regulations, has jointly published an advisory note, highlighting key AML risks and challenges for the legal profession associated with the Covid-19 crisis. It also includes information to help the profession comply with their ongoing obligations under the Money Laundering Regulations.
The advisory note covers:
Some of the particular AML risks to legal firms and vulnerabilities that criminals may seek to exploit during this time of unprecedented economic pressure and upheaval
Challenges facing firms and factors to consider in respect of non face-to-face identification & verification, and associated digital identity services Other issues to consider in respect of policies, controls and procedures, data protection and information security