On 20 August 2020, two important texts from an anti-money laundering and counter-terrorism financing (“AML-CTF”) perspective were published:
the Commission de Surveillance du Secteur Financier (« CSSF ») regulation n°20-05 of 14 August 2020 amending CSSF regulation n°12-02 of 14 December 2012 relating to the fight against money laundering and terrorism financing (“ML-TF”) (the “CSSF Regulation”); and
the Commissariat aux Assurances (“CAA”) regulation n°20/03 of 30 July 2020 relating to the fight against ML-TF (the “CAA Regulation”) which repeals the CAA regulation n°13-01 of 23 December 2013 relating to the fight against ML-TF. The CAA Regulation is completed by an interpretative note which provides useful guidance on the provisions of the CAA Regulation (the “Interpretative Note”).
Both texts, which either amend or replace previous provisions, have been adopted in order to take into account the current legislative framework on the fight against ML-TF. Indeed, since respectively 2012 and 2013, the law of 12 November 2004 on the fight against ML-TF (“the 2004 Law”) has been amended several times in order notably to implement directives 2015/849 (the “4th AML Directive”) and 2018/843 on the fight against ML-TF. In that context, on 24 August 2020, the Grand Ducal regulation of 14 August 2020 amending the Grand Ducal regulation of 1 February 2010 providing details on certain provisions of the 2004 Law, as amended, has also entered into force. The regulatory framework in the financial, insurance and asset management sectors therefore required updating.
Our teams analysed the main changes brought by both regulations in two separate notes accessible via the links below.
Aurélia Viémont, Counsel | Avocat à la Cour, Aurelia.Viemont@cms-dblux.com
Aurélien Hollard, Partner | Avocat à la Cour, Aurelien.Hollard@cms-dblux.com
Benjamin Bada, Partner | Avocat à la Cour, firstname.lastname@example.org
Vivian Walry, Partner | Avocat à la Cour, email@example.com