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

La détection des comportements criminels au sein des entreprises via les mécanismes de lutte co...
01/03/2021

Les entreprises assujetties à la loi du 12 novembre 2004 relative à la lutte contre le blanchiment et le fin...

Read more

CSSF – 2020 Survey related to the fight against money laundering and terrorist financing
05/02/2021

The annual online survey for the year 2020 to collect standardised key information concerning money laundering and terrori...

Read more

CSSF launches its 2020 survey collecting standardised key information concerning money laundering...
02/02/2021

On 27 January 2021, the Luxembourg supervisory authority for the financial sector, the Commission de Surveillance du ...

Read more

Issuance and settlement of securities directly on blockchain: now a reality in Luxembourg
28/01/2021

Last summer in one of our e-alerts, we shared our insights on the key features of the bill of law n°7637 all...

Read more

Laatste artikels van Mr. Aurélien Hollard

Issuance and settlement of securities directly on blockchain: now a reality in Luxembourg
28/01/2021

Last summer in one of our e-alerts, we shared our insights on the key features of the bill of law n°7637 all...

Read more

With the implementation of SFDR approaching, the CSSF sets-up a fast track procedure
22/12/2020

With less less than 3 months to go until the Sustainable Finance Disclosure Regulation (“SFDR”) comes int...

Read more

ESMA Guidelines on performance fees in UCITS and certain types of AIFs
17/12/2020

On 3 April 2020, ESMA eventually released its much-anticipated final report on guidelines on performance fees in UCITS and...

Read more

Sustainable Finance Disclosure Regulation: the CSSF confirms that the compliance date remains 10 ...
26/11/2020

The Commission de Surveillance du Secteur Financier (the “CSSF”) has published a press release&...

Read more

Laatste artikels van Mrs. Aurélia Viémont

Key changes introduced by the Luxembourg law of 25 February 2021
02/03/2021

The Luxembourg Parliament has adopted a law of 25 February 2021 (the “Law”) which notably amends the law of 12...

Read more

CSSF launches its 2020 survey collecting standardised key information concerning money laundering...
02/02/2021

On 27 January 2021, the Luxembourg supervisory authority for the financial sector, the Commission de Surveillance du ...

Read more

Issuance and settlement of securities directly on blockchain: now a reality in Luxembourg
28/01/2021

Last summer in one of our e-alerts, we shared our insights on the key features of the bill of law n°7637 all...

Read more

With the implementation of SFDR approaching, the CSSF sets-up a fast track procedure
22/12/2020

With less less than 3 months to go until the Sustainable Finance Disclosure Regulation (“SFDR”) comes int...

Read more

LexGO Network