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.

Zie ook : 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)
Alle artikels Bank -en Krediet recht

Laatste artikels Bank -en Krediet recht

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

Securitisation Regulation | Finalisation of the Disclosure Technical Standards
31/01/2020

Article 7 of Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating...

Securitisation Regulation | Finalisation of the Disclosure Technical Standards Read more

UCITS KIID benchmark disclosures - the CSSF’s expectations
30/01/2020

The CSSF published a communication reminding UCITS management companies and self-managed UCITS to include the changes requ...

Read more

5MLD - Creation of a Luxembourg central electronic data retrieval system concerning accounts and ...
27/01/2020

In order to fully implement the so-called 5th anti-money laundering directive (5MLD)1, bill of law 7512 (the Bill)2 w...

Read more

Laatste artikels van Mr. Aurélien Hollard

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

Reaching year-end, here are the latest AML communications from the CSSF
09/12/2019

The Commission de Surveillance du Secteur Financier (the “CSSF”) has communicated several press rele...

Read more

CSSF extends the deadline for notifications in the context of Brexit
07/11/2019

Following the extension of the delay within which the United Kingdom (“UK”) is to leave the European Union (&l...

Read more

New CSSF communication in the context of Brexit for UK AIFMs
16/10/2019

The CSSF has issued on 11 October 2019 a new press release (Press Release 19/48) in the context of Brexit and related mand...

Read more

Laatste artikels van Mrs. Aurélia Viémont

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

Insurance 2020: Impact of Brexit on the Luxembourg insurance sector
29/01/2020

The UK’s decision to leave the European Union led insurance companies established in the UK to consider other option...

Read more

Reaching year-end, here are the latest AML communications from the CSSF
09/12/2019

The Commission de Surveillance du Secteur Financier (the “CSSF”) has communicated several press rele...

Read more

CSSF extends the deadline for notifications in the context of Brexit
07/11/2019

Following the extension of the delay within which the United Kingdom (“UK”) is to leave the European Union (&l...

Read more

LexGO Network