Update Privacy Policy and Terms of Use During Guest Checkout
How to update the "privacy policy" and "terms of use" links on the "create an account" page during checkout
How to update links for "privacy policy" and "terms of use"
These are the links that will be updated:

Enter the Global Settings on the left hand side of the admin dashboard

Scroll down, on the right hand side find the Privacy Links module

Input the URL's to your privacy policies and terms of use. Once saved, your links will be updated.