Training Session

Wednesday
Oct 13, 2021
2:00 PM

To

Wednesday
Oct 13, 2021
5:30 PM
Where ?
Arendt House
41A, Avenue John F. Kennedy
L-2082 Luxembourg-Kirchberg
Luxembourg

Who ?
Speakers

Objectives

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 stemming 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 as well as the changes to the Grand-Ducal regulation of 1st February 2010 and CSSF Regulation 12-02 . 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.

Content

  • Definitions and illustrations of key concepts, including tax predicate offenses to money laundering
  • Risk based approach and risk factors
  • Know Your Customer” (KYC) obligations: practical focus on the definition of beneficial owner (in line 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
  • Potential other developments of the existing Luxembourg legislative framework, the European or international AML standards (e.g. FATF-GAFI recommendations) and changes in the regulatory and prudential rules applicable to Luxembourg financial institutions (e.g. amendment of the relevant regulations and circular letters).
  • 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
  • Potential other developments of the existing Luxembourg legislative framework, the European or international AML standards (e.g. FATF-GAFI recommendations) and changes in the regulatory and prudential rules applicable to Luxembourg financial institutions (e.g. amendment of the relevant regulations and circular letters).

 

Speaker

Helena Finn (Senior associate, Banking and Financial Services, Arendt & Medernach).
or another senior expert in Banking and Financial Services. 

Target Group

Professionals in charge of front office, administration, legal and compliance functions in banks or other professionals of the financial sector.

Duration

3,5 hours.

Language

English

Price

€500

 

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

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Helena Finn

Helena Finn is a Senior Associate in both the Banking & Financial Services and Insurance and Reinsurance law practices of Arendt & Medernach. Helena advises banks, investment firms and other professionals of the financial sector, payment service providers as well as insurance and reinsurance undertakings, insurance intermediaries and professionals of the insurance sector regarding regulatory, civil and commercial law matters. She specialises notably in licensing requirements, outsourcing arrangements, organisation and reorganisation projects, mergers and acquisition operations, the drafting and review of contractual and business documentation and issues pertaining to professional secrecy. He...

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