New AML-CTF CSSF Regulation and Grand-Ducal Regulation
Regulations amending CSSF Regulation N°12-02 and Grand Ducal Regulation of 1 February on the fight against money laundering and terrorist financing, which impact all professionals subject to professional obligations and regulated, registered or supervised by the CSSF, have been published on 20 and 21 August 2020.
This newsflash sets out the main changes brought by these regulations, which will impact professionals that are subject to AML-CTF obligations and are regulated, registered or supervised by the CSSF (e.g. credit institutions, investment firms and other professionals of the financial sector, investment funds and their management companies, etc.). These changes are, in essence, the following:
clarifications about the implementation of the risk-based approach, in particular in the investment fund industry;
specifications relating to the carrying out of customer due diligence (“CDD”) measures;
implementation of the rules set by Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds;
specifications relating to the use of outsourcing arrangements;
specifications relating to internal systems for the supervision of business relationships and transactions; and
a specification relating to the cooperation requirement between the Commission de Surveillance du Secteur Financier (the “CSSF”) and the Cellule de Renseignement Financier (the “CRF”).