AML/CFT CSSF Guidance on Compliance by Registered AIFMS and 2019 ML/TF Survey

On 5 December 2019, the CSSF published a communication summarizing results of an AML/CFT questionnaire as well as an AML/CFT conference concerning registered AIFMs and Self-Managed Non-AIFs which took place on 3 December 2019 (the "Communication"). 

The Communication provides seven areas which in the view of the CSSF require further guidance or could further be improved by registered AIFMs and Self-Managed Non-AIFs. Those areas are: 

  1. Identification of beneficial owner;
  2. Development of tailor-made AML/CFT procedures; 
  3. Application of a risk-based approach to minimize money-laundering and terrorist financing related risks;  
  4. Participation in the AML/CFT training dedicated to the risks faced by the organization; 
  5. Improvement of the frequency of targeted financial sanctions screenings to ensure timely notification to the competent authorities;
  6. Improvement of the transactions monitoring which is to be conducted on all investors, or in case of delegation of this control, oversight on the delegate; 
  7. Cooperation with Luxembourg Financial Intelligence Unit which must be immediately notified about any suspicion of money laundering or terrorist financing; 

The CSSF reminded that in Luxembourg, all suspicious transactions as of 1 November 2018 must be notified to the Luxembourg Financial Intelligence Unit through the Go AML Portal. The notification is mandatory for all entities subject to the law of 12 November 2004 on the fight against money laundering and terrorism financing, as amended and requires prior registration on the GO AML Portal. 
The Communication also referred to the CSSF's press release 19/57 dated 28 November 2019 (the "Press Release") which announced an annual online survey for the year 2019 collecting standardised key information concerning ML/FT risks to which the professionals under CSSF supervision are exposed (the "Survey"). The Survey will be launched on 3 February 2020 and will be available for completion on the eDesk portal for a period of six (6) weeks (except for the banking sector where the period is four (4) weeks). It should be completed by a member of the management body of an entity (preferably the AML/CFT Compliance Officer) or any other assigned employee of an entity. The Survey can be completed through the eDesk Portal only and therefore prior registration on the eDesk Portal is required. 

Zie ook : Bonn Steichen & Partners

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