This training aims at explaining the anti-money laundering and counter-terrorism financing (“AML-CTF”) rules and professional obligations currently applicable to Luxembourg financial institutions and will focus on their practical implications. The training will in particular highlight the main changes and practical impacts from the implementation of the 5th AML Directive into Luxembourg law by the law of 25 March 2020 amending the law of 12 November 2004 on the fight against money laundering and terrorism financing. The purpose of the training is also to be very practical and thus it will also focus on administrative practice from the CSSF and on a number of practical examples.
- Definitions and illustrations of key concepts
- Risk based approach and risk factors
- Know Your Customer” (KYC) obligations: practical focus on the definition of beneficial owner (in line also with the recent CSSF Circular 19/732
and the recent developments of CSSF regulation 12/02), customer due diligence measures
- Internal organisational requirements for financial institutions
- Practical approaches to the obligation to cooperate with the relevant authorities (e. filing a suspicious transaction report, practical case studies, no tipping-off obligations, dealing with freezing orders, examples of recent case law, etc.)
- Evolution of good and poor AML practices on the basis of the latest activity reports of the Cellule de Renseignement Financier, the CSSF’s annual report, administrative practice from the CSSF and case law precedents
Glenn Meyer (Partner, Banking and Financial Services, Arendt & Medernach) or
Helena Finn (Senior Associate, Banking & Financial Services, Arendt & Medernach)
Professionals in charge of front office, administration, legal and compliance functions in banks or other professionals of the financial sector.
For any information, please contact us by e-mail firstname.lastname@example.org