LexGo

CSSF calls virtual assets service providers active in Luxembourg to prepare for compliance
06/02/2020

Following the adoption of the modified Interpretative Note to the Financial Action Task Force (“FATF”) Recommendation 15 on New Technologies, the Commission de Surveillance du Secteur Financier (the “CSSF”) has published a press release on 15 January 2020 on virtual assets (“VAs”) and virtual assets service providers (“VASPs”).

The purpose of such CSSF’s press release is to draw attention to the fact that:

the amended FATF Recommendation 15 requires countries to ensure that VASPs are regulated for anti-money laundering and combating terrorist financing (“AML/CFT”) purposes, licensed or registered, and subject to effective systems for monitoring and ensuring compliance with the relevant measures set out in the FATF recommendations;

VASPs fall within the scope of application of AML/CTF obligations pursuant to the provisions of the European Directive 2018/843 on AML/CFT (“AMLD5”);

the Luxembourg legislator is currently working on draft bills of laws aiming at implementing the provisions of AMLD5 as well as the FATF requirements in order notably to extend the scope of application of the law of 12 November 2004 on AML/CFT so as to include VASPS. These bills of law further require VASPS to register with the CSSF subject to compliance with certain conditions.

In light of the above, VASPs active in Luxembourg should prepare for compliance with aforementioned requirements.

While this upcoming regulation will increase compliance burden, it should also provide comfort relating to the activities carried out by such service providers.

Related : CMS Luxembourg ( Mr. Aurélien Hollard ,  Mrs. Aurélia Viémont )

[+ http://www.cms-db.com]

Mr. Aurélien Hollard Mr. Aurélien Hollard
Partner
Aurelien.Hollard@cms-dblux.com
Mrs. Aurélia Viémont Mrs. Aurélia Viémont
Counsel
Aurelia.Viemont@cms-dblux.com

Click here to see the ad(s)
All articles Banking law

Lastest articles Banking law

DAC6 and CRS deadlines extended
13/05/2020

On 8 May 2020, the European Commission released a directive proposal amending the EU Directive on Administrative Cooperati...

Read more

Changes to the anti-money laundering and counter-terrorism financing framework in 2020
01/05/2020

The year 2020 is a year of changes for the Luxembourg anti-money laundering and counter-terrorism financing (“AML-CT...

Read more

Luxembourg’s new IBAN register: increased obligations for entities offering accounts and safe d...
30/04/2020

In line with the requirements of the 5th Anti-Money Laundering Directive, Luxembourg has introduced a centralized IBAN and...

Read more

Fighting money laundering and terrorist financing remains of paramount importance during the Coro...
22/04/2020

On 10 April 2020, the Commission de Surveillance du Secteur Financier (“CSSF”) published a new ...

Read more

Lastest articles by Mr. Aurélien Hollard

CSSF details the registration process for Virtual Assets Service Providers
14/04/2020

Following its call asking Virtual Assets Service Providers (“VASPs”) active in Luxembourg to prepare for ...

Read more

Coronavirus (COVID-19): Extension of CSSF reporting deadlines applicable to regulated entities
01/04/2020

On 30 March 2020, the Commission de Surveillance du Secteur Financier (the CSSF) issued an updated ver...

Read more

COVID-19: Overview of Luxembourg supporting measures
26/03/2020

The Covid-19 outbreak has been declared a public health emergency of international concern by the World Health Organi...

Read more

Brexit: CSSF informs that UK entities may continue carrying out their activities in Luxembourg un...
04/02/2020

On 31 January 2020, the Commission de Surveillance du Secteur Financier (“CSSF”) has published a pre...

Read more

Lastest articles by Mrs. Aurélia Viémont

Changes to the anti-money laundering and counter-terrorism financing framework in 2020
01/05/2020

The year 2020 is a year of changes for the Luxembourg anti-money laundering and counter-terrorism financing (“AML-CT...

Read more

Fighting money laundering and terrorist financing remains of paramount importance during the Coro...
22/04/2020

On 10 April 2020, the Commission de Surveillance du Secteur Financier (“CSSF”) published a new ...

Read more

CSSF details the registration process for Virtual Assets Service Providers
14/04/2020

Following its call asking Virtual Assets Service Providers (“VASPs”) active in Luxembourg to prepare for ...

Read more

Coronavirus (COVID-19): Extension of CSSF reporting deadlines applicable to regulated entities
01/04/2020

On 30 March 2020, the Commission de Surveillance du Secteur Financier (the CSSF) issued an updated ver...

Read more

LexGO Network