LexGo

New /Amended AML-CTF regulations for Luxembourg's insurance, financial and asset management sectors
28/08/2020

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, [email protected]

Aurélien Hollard, Partner | Avocat à la Cour, [email protected]

Benjamin Bada, Partner | Avocat à la Cour, [email protected]

Vivian Walry, Partner | Avocat à la Cour, [email protected]

Zie ook : CMS Luxembourg

[+ http://www.cms-db.com]


Alle artikels Bank -en Krediet recht

Laatste artikels Bank -en Krediet recht

Capital Markets Union: Commission Adopts Package of Measures to Ensure Better Data Access and Rev...
07/12/2021

On 25 November 2021 the European Commission adopted a package of measures to ensure better data access and revamped invest...

Read more

CSSF communiqués of 29 November and 2 December 2021 - prepare for a green holiday season
07/12/2021

The EU Regulation on the establishment of a framework to facilitate sustainable investment (the "Taxonomy Regulation&...

Read more

Update on SFDR/Taxonomy for Luxembourg funds
07/12/2021

The main disclosure requirements under the Regulation (EU) 2019/2088 on sustainability-related disclosures in the financia...

Update on SFDR/Taxonomy for Luxembourg funds Read more

New CSSF taxonomy fast track procedure
06/12/2021

On 2 December 2021, a CSSF press release on regulatory requirements and fast track procedure in relation to Regulation (EU...

New CSSF taxonomy fast track procedure Read more

LexGO Network