New publications from the AED with regard to AML/CFT supervision of non-regulated AIFs (excluding RAIFs)

The Administration de l’enregistrement, des domaines et de la TVA (“AED”) has recently published on its website a new section dedicated to the anti-money laundering and counter financing of terrorism (“AML/CFT”) supervision of non-regulated alternative investment funds (“AIFs”), excluding reserved alternative investment funds (“RAIFs”)[1].

In this context, the AED has notably published the following:

(i)    a FAQ regarding the RR[2] and the RC[3]

This FAQ is similar to the one previously published by the AED for RAIFs and imposes the appointment of both an RR and an RC for all AIFs.

(ii)    an RR/RC identification form

This form is similar to the RR/RC identification form previously issued by the AED for RAIFs.

This implies that the AIFs shall have appointed their RC and RR through a decision made at the level of its managerial body (board of the GP, board of managers, board of directors) and defined an AML/KYC framework in accordance with the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended, the Grand Ducal Regulation of 1 February 2010 providing details on certain provisions of the said Law of 12 November 2004, as amended, and the AED guidelines.
All AIFs must file this identification form. More generally, this form will have to be transmitted without delay upon initial appointment of the RR/RC, and in the event of any change in the RR/RC functions, together with the signed legal documentation[4] related to the appointment of the RR/RC.

(iii)    an AML/CFT questionnaire.

This questionnaire is similar to the AML/CFT questionnaire previously issued by the AED for RAIFs.

The questionnaire must be transmitted by the RR or, based on a mandate from the RR, by the RC. Dedicated guidelines for completion are available on the AED’s website.

The AED addressed a communication to certain AIFs on 12 October 2022, urging them to fill in and submit to the AED (i) the said RR/RC identification form, and (ii) by 12 November 2022 CoB at the latest, the AML/CFT questionnaire covering the financial year ended in 2021. The AED verbally confirmed that other AIFs will receive similar communication in due course, but, in the meantime, they are not expected to file these documents.

However, the other AIFs should anticipate the AED’s formal request: they should start gathering relevant data to be in a position to complete the RR/RC identification form and the AML/CFT questionnaire when requested. These AIFs may also decide to complete and proactively submit these documents in advance to the AED, in order to anticipate and manage forthcoming deadlines. The AED’s website further details the practicalities for these filings, which shall be done through email to AED.finvehicles@en.etat.lu.