Objectives

The objective of this training session is to explain the rules relating to the fight against anti-money laundering (Anti-Money Laundering - AML) as well as the professional obligations currently applicable to Luxembourg insurance and reinsurance companies and to Luxembourg insurance intermediaries; the training session will focus furthermore on the practical repercussions of these rules and obligations.

The most recent developments in this area will also be dealt with which have arisen in particular as a result of recent (or imminent) changes in the legislative framework and/or case-law at the time of the training session, as well as their impact on the practices of Luxembourg authorities and professionals.

Special focus is placed on the impact on the insurance sector of Directive 2015/849 (4th AML Directive).

Content

  • Due diligence obligations in respect of clients (“Know Your Customer” - KYC): the focus is on the following elements: definition of the beneficial owner, reduced and strengthened vigilance measures with respect to clients, recourse to a third party to execute KYC obligations.
  • Specificities and constraints deriving from the European framework of the activity of insurance undertakings and intermediaries (freedom to provide services, branches in a Member State of the European Union or in a third country).
  • Requirements in respect of internal organisation applicable to insurance and reinsurance companies as well as insurance intermediaries arising from the European AML directive, as implemented in Luxembourg
  • Practical approaches in respect of obligations to cooperate with the competent authorities (submission of a statement of suspicion, examples of suspicious elements, non-disclosure obligations, how to approach a decision to block funds, etc.)
  • Impact of recent and imminent developments in this domain and their practical impact on Luxembourg insurance and reinsurance companies as well as Luxembourg insurance intermediaries, including in particular (depending on the date of the training session):
    • Amendments to the existing Luxembourg legislative framework (in particular concerning the amended law of 12 November 2004 on the fight against money laundering and terrorist financing)
    • Amendments to the European or international AML norms (e.g. amendment of European directives in this domain or FATF recommendations
    • Changes to regulatory or prudential provisions applicable to Luxembourg insurance and reinsurance companies as well as to Luxembourg insurance intermediaries (e.g. amendments of the regulation of the Commissariat aux Assurances or other relevant circulars)

Speakers

Our speakers come from all over our specialised and complementary teams, covering all legal, regulatory, taxation and advisory aspects of doing business in Luxembourg. We invite you to check our training agenda where the speakers are listed on each training session.

Target audience

Professionals exercising front office, administrative, legal or compliance functions within insurance and reinsurance companies as well as insurance intermediaries or professionals of the insurance sector.

Duration

3 hours.

Language

English

For any information, please contact us by e-mail institute@arendt.com

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Pierre-Michaël de Waersegger

Pierre-Michaël de Waersegger is a Partner in the Insurance & Reinsurance Law practice and the Banking & Financial Services practice. Pierre-Michaël assists insurance and reinsurance companies, as well as banks and professionals of the financial sector regarding all Luxembourg legal and regulatory aspects of their activities. It includes licencing requirements, capitalising opportunities, merger and acquisition operations, and new products and services development. His expertise includes advising on the implementation of AML/CTF, MIFID, PSD, CRD, Solvency II and IDD regulations, the drafting and review of contractual documentation as well as contacts with the regulators. Pierre-Michaël’s expe...

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