Objectives

This series consists of 4 modules. Attendance of all of them is possible and recommended, but not mandatory.

By the end of the training series, the participants will be able to:

• Understand the anti-money laundering and countering the financing of
  terrorism (AML/CFT) legal and regulatory framework applicable to Luxembourg
  funds, management companies and other financial institutions
  dealing with investment funds and their practical implications
• Point out the latest legal and regulatory developments related to AML/CFT;
• Understand how roles and responsibilities are allocated with service
  providers and delegates
• Determine the key elements of an adequate organisation, notably the
  roles and responsibilities of the person responsible for compliance with
  AML/CFT (RR) and the person responsible for the control of compliance
  with AML/CFT (RC)
• Identify the latest trends in terms of CSSF supervision and the key elements
  of CSSF off-site and on-site inspections
• Be aware of their obligations when cooperating with the authorities,
  including the no-tipping off rule and suspicious cases reported to the
  authorities
• Identify, assess and understand the ML/TF risks in the fund industry
• Take into consideration the ML/TF risks when designing their risk appetite
• Identify the key topics that shall be covered in the AML/CFT policies
  and procedures
• Understand the due diligence obligations on the investor and investment
  sides, using a risk-based approach
• Be aware of the ongoing monitoring obligations and rules that may be
  implemented to meet these obligations
• Understand how to carry out oversight over delegates
• Understand the key principles underpinning the building of a KYC checklist
• Understand targeted financial sanctions and proliferation financing obligations

Content

MODULE 1 – AML/CFT framework and allocation of roles and responsibilities (1 hour)

• Good reasons to take AML/CFT obligations seriously
• What is new in the legal and regulatory framework?
• Allocation of roles and responsibilities
• Internal organisation, including the roles and responsibilities of the RR
  and the RC
• External supervision
• Cooperation with the authorities, including no-tipping off rule and typologies
  of ML/TF suspicion cases

MODULE 2 – Identifying, assessing and understanding the ML/TF risks (1 hour)

• ML/TF threats within the collective investment sub-sector
• Focus on products, services and transactions
• Focus on customers i.e. investors
• Focus on delivery channels
• Focus on countries and geographical areas
• Focus on the asset (investment) side
• Focus on tax predicate offence indicators
• Measuring the risks and defining your ML/TF risk appetite

MODULE 3 – Mitigating your ML/TF risks (1 hour)

• AML/CFT policy and internal procedures
• Risk-based approach / customer and asset due diligence
• Ongoing monitoring rules – suspicious transactions monitoring
• Performance of due diligence by third parties
• Building your KYC checklists
• General conclusion

MODULE 4 – International financial sanctions (1 hour)

• Targeted financial sanctions and proliferation financing
• Key specificities
• The costs of non-compliance
• Applicable financial sanctions regimes
• What are your professional obligations?
• Optimising your sanctions framework

Speakers

Our speakers belong to both our specialised and complementary teams and as such, cover 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 Group

Experienced professionals in charge of front office, administration, legal and compliance functions in management companies, self-managed investment companies and other professionals of the financial sector supervised by the CSSF.

Duration

1 hour per module

Languages

English, French, German.

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