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Annual AML Survey - Deadline Extended
18/03/2020

On 17 March 2020, the CSSF published a circular-letter (the “Letter”) relating to the annual online survey for the year 2019 collecting information concerning money laundering and terrorist financing risks to which the professionals under supervision are exposed (the “Survey”). The Survey has been announced by the CSSF's circular letter dated 31 January 2020 and requires a group of actors involved in banking and investment fund sectors to answer questions about AML/TF risks present in their day-to-day activities (please refer to BSP Newsflash for more details).

In the Letter, the CSSF acknowledged the potential delays in submission which could have occurred due to the requirement to complete the Survey via the newly established CSSF's eDesk portal and the outbreak of COVID-19 pandemic. On that basis, the CSSF decided to extend the deadline for investment fund managers, specialized professionals of the financial sector and investment firms to complete the Survey by 10 April 2020.

The CSSF also took the opportunity to highlight the importance of the timely submission of the Survey. Pursuant to article 5 of the Luxembourg Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended (the "AML Law"), the professionals, their directors, and employees are obliged to cooperate fully with the Luxembourg authorities responsible for combating money laundering. According to the CSSF, failure to submit the Survey within the newly extended deadline will be considered as a breach of the abovementioned provision and can lead to administrative sanctions provided for in article 8-4 of the AML Law.

 

 

Related : Bonn Steichen & Partners ( Mrs. Evelyn Maher )

[+ http://www.bsp.lu]

Mrs. Evelyn Maher Mrs. Evelyn Maher
Partner
emaher@bsp.lu

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