Circular CSSF 20/742 is a CSSF circular, published 4 May 2020 and updated 8 July 2026. Subject: Entry into force 1) of the Law of 25 March 2020 amending, inter alia, the Law of 12 November 2004 on the fight against money laundering and terrorist financing, and 2) of the Law of 25 March 2020 establishing a central electronic data retrieval system related to IBAN accounts and safe-deposit boxes. The CSSF marks it as outdated.
\nLegal basis: Law of 12 November 2004 on anti-money laundering, Law of 25 March 2020 on the central register of bank accounts.
\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.
\nLuxembourg, 4 May 2020 To all the professionals subject to the AML/CFT 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 1) of the Law of 25 March 2020 amending, inter alia, the Law of 12 November 2004 on the fight against money laundering and terrorist financing, and 2) of the Law of 25 March 2020 establishing a central electronic data retrieval system related to IBAN accounts and safe-deposit boxes
\nLadies and Gentlemen, We draw your attention to the entry into force, on 30 March 2020, of the Law of 25 March 2020 (“Law of 25 March 2020”) 1 amending: a) the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended (hereinafter “2004 Law”); b) the Law of 9 December 1976 on the organisation of the profession of notary, as amended; c) the Law of 4 December 1990 on the organisation of bailiffs (huissiers de justice), as amended; d) the Law of 10 August 1991 on the legal profession, as amended; e) the Law of 10 June 1999 on the organisation of the accounting profession, as amended; f) the Law of 23 July 2016 concerning the audit profession, as amended; in view of the transposition of certain provisions of Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (cf. Section I. below) and,
\nas published in Mémorial A – No 194 of 26 March 2020
\nto the entry into force, on 26 March 2020, of the Law of 25 March 2020 establishing a central electronic data retrieval system related to IBAN accounts and safe-deposit boxes 2 (cf. Section II. below). The purpose of this circular is to draw the attention of the financial sector professionals to the major changes introduced by the two above-mentioned laws dated 25 March 2020 to the antimoney laundering and countering the financing of terrorism (“AML/CFT”) regime applicable to the Luxembourg financial sector, as provided for in the 2004 Law. The consolidated version of the 2004 Law is available under the following link: https://www.cssf.lu/en/Document/law-of-12-november-2004/ I.
\nLaw of 25 March 2020 amending, inter alia, the 2004 Law
\nIn Article 1 of Chapter 1 of Title I of the 2004 Law, new definitions have been introduced (e.g. virtual currency, virtual asset, virtual asset service provider, safekeeping or administration service provider, custodian wallet service, high-risk country, etc.), while other definitions have been amended. We draw the professionals’ attention in particular to the adaptation of the definitions of “financial institution” (the scope of application has notably been extended to any person in respect of which the CSSF is in charge of ensuring compliance with the professional obligations as regards the fight against money laundering and terrorist financing in accordance with Article 2-1(1)) and of “beneficial owner” (control through other means has been specified) (Article 1 of the Law of 25 March 2020). Article 2 of the 2004 Law on the scope of Title I of the 2004 Law has been reviewed and the list of professionals subject to the 2004 Law has been completed (e.g. tied agents, virtual asset service providers, safekeeping or administration service providers, agents of payment institutions and of electronic money institutions, real estate agents, real estate developers, persons storing, persons trading or acting as intermediaries in the trade of works of art).
\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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