Circular CSSF 18/684 is a CSSF circular, published 13 March 2018. Subject: Entry into force of the Law of 13 February 2018 amending, inter alia, the Law of 12 November 2004 on the fight against money laundering and terrorist financing.
\nLegal basis: Law of 12 November 2004 on anti-money laundering, Law of 13 February 2018.
\nRelevant for: AIFMs, AISPs, Central Securities Depositories (CSDs), Credit institutions, Credit servicers, Data Reporting Service Providers (DRSPs), E-money institutions, Investment firms, Investment fund managers, Investment funds and vehicles, Management companies - Chapter 15, Management companies - Chapter 16, Other specific authorisations, registrations and information, Part II UCIs, Payment institutions, Payment institutions/electronic money institutions/AISPs, Pension funds, Securitisation undertakings, SICARs, SIFs, Specialised PFS, Support PFS, UCITS, Virtual asset service providers (VASPs).
\nMain topic: Financial crime. Keywords: AML/CFT.
\nIn case of discrepancies between the French and the English text, the French text shall prevail. Luxembourg, 13 March 2018
\nTo all professionals subject to the supervision of the CSSF and that fall within the scope of the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended
\nRe: Entry into force of the Law of 13 February 2018 amending, inter alia, the Law of 12 November 2004 on the fight against money laundering and terrorist financing
\nLadies and Gentlemen, We draw your attention to the entry into force on 18 February 2018 of the Law of 13 February 2018 (the \"2018 Law\") 1 transposing the provisions on the professional obligations and the powers of the supervisory authorities as regards the fight against money laundering and terrorist financing of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC and implementing Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006. It also amends: a) the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended; b) the Law of 10 November 2009 on payment services, as amended; c) the Law of 9 December 1976 on the organisation of the profession of notary, as amended; d) the Law of 4 December 1990 on the organisation of bailiffs (huissiers de justice), as amended; 1
\nAs published in Mémorial A-No 131 of 14 February 2018.
\ne) the Law of 10 August 1991 on the legal profession, as amended; f) the Law of 5 April 1993 on the financial sector, as amended; g) the Law of 10 June 1999 on the organisation of the accounting profession, as amended; h) the Law of 21 December 2012 in relation to the Family Office activity; i) the Law of 7 December 2015 on the insurance sector, as amended; j) the Law of 23 July 2016 concerning the audit profession. This circular thus aims to draw the attention of the professionals of the financial sector to the major changes the 2018 Law brings to the anti-money laundering and counter-financing of terrorism regime applicable to the Luxembourg financial sector. The consolidated version of the 2004 Law is available under: https://www.cssf.lu/en/document/law-of-12-november-2004/. In Article 1 of Chapter 1 of the Title I of the 2004 Law new definitions have been introduced (e.g. credit institution, financial institution, group, supervisory authority, etc.), while other definitions have been amended. Emphasis is in particular placed on the adaptation of the definitions of \"beneficial owner\" and \"politically exposed persons\" (e.g. inclusion of brothers and sisters) (Article 2 of the 2018 Law). Article 2 of the 2004 Law on the scope of Title 1 of the 2004 Law has been reviewed and the list of professionals subject to the 2004 Law has been adapted. In addition, a new Article 2-1 has been included in the 2004 Law in order to designate the supervisory authorities and Luxembourg self-regulatory bodies in charge of ensuring compliance by the professionals with their professional obligations as regards the fight against money laundering and terrorist financing (Article 4 of the 2018 Law). The new Article 2-2 included in the 2004 Law requires professionals to assess the money laundering and terrorist financing risks to which they are exposed. This requirement has already been regulated through Regulation CSSF No 12-02 (Article 5 of the 2018 Law). As regards Chapter 2 of the 2004 Law, Article 3 of the 2004 Law as regards due diligence requirements (Article 6 of the 2018 Law) has undergone many adaptations.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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