The Legal Sector Affinity Group (LSAG), which includes the Law Society of England and Wales 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 coronavirus (COVID-19) crisis.
The advisory note covers:
- AML risks to legal firms and vulnerabilities that criminals may seek to exploit during the crisis
- non face-to-face identification and verification, and associated digital identity services
- issues to consider regarding policies, controls and procedures, data protection and information security