{"id":"circulars/cssf-21-765","title":"Circular CSSF 21/765","type":"circular","date":"2021-02-04","kind":"circular","html":"

Circular CSSF 21/765 is a CSSF circular, published 4 February 2021. Subject: Update of Circular CSSF 01/27 and Circular CSSF 07/325 following amendments to CSSF Regulation No 12-02.

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Relevant for: Credit institutions, Investment firms.

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Keywords: European passport, Statutory auditor (réviseur d'entreprises).

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Text

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REGULATION NO 12-02

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In case of discrepancies between the French and the English text, the French text shall prevail.

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Circular CSSF 21/765 Re: Update of Circular CSSF 01/27 and Circular CSSF 07/325 following amendments to CSSF Regulation No 12-02

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Luxembourg, 4 February 2021

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Ladies and Gentlemen,

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To all credit institutions

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  1. The purpose of this circular is to update the content of Part 10 on the professional obligations as regards the prevention of money laundering and terrorist financing of the long form audit report, as defined in Circular CSSF 01/27 on the practical rules concerning the role of réviseurs d’entreprises (statutory auditors), in order to take into consideration the amendments to Articles 49(2) and 49(3) of CSSF Regulation No 12-02 on the fight against money laundering and terrorist financing, as amended. It should be stressed that this update of Circular CSSF 01/27 only concerns AML/CFT elements and that the remaining part of Circular CSSF 01/27 will be fundamentally revised in 2021. 2. This circular also adapts, for branches of credit institutions authorised in another Member State, the content of the report of the réviseur d’entreprises agréé (approved statutory auditor) relating to the specific areas for which the CSSF retains an oversight responsibility as host authority, notably compliance with the rules designed to prevent money laundering and terrorist financing, as defined in Circular CSSF 07/325. 3. As from the financial year ending on 31 December 2020, this circular shall define Part 10 of the long form audit report as follows (cf. Annex 1 for details on the amendments to Circular CSSF 01/27): “The long form report must describe the procedures set up by the institution concerning the prevention of money laundering and terrorist financing as required for compliance with or as defined in: Chapter 5 of Part II of the law on the financial sector, the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended, the Grand-ducal Regulation of 1 February 2010 providing details on certain provisions of the amended Law of 12 November 2004 on the fight against money laundering and terrorist financing, Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds, international acts on the fight against terrorist financing brought to the attention of the professionals through CSSF circulars, CSSF regulations on the fight against money laundering and terrorist financing and CSSF circulars in these matters. The long-form report shall provide, in particular:
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the description of the AML/CFT policy set up by the professional in order to prevent money laundering and terrorist financing, the verification of its compliance with the provisions of Part II, Chapter 5 of the Law of 5 April 1993 on the financial sector, as amended, the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended, the Grand-ducal Regulation, Regulation (EU) 2015/847, CSSF regulations and CSSF circulars relating to AML/CFT and the control of their sound application;

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the assessment of the professional's analysis of money laundering and terrorist financing risks to which it is exposed. The réviseur d'entreprises agréé (approved statutory auditor) must verify if the implemented procedures, infrastructures and controls, as well as the scope of the AML/CFT measures are appropriate considering the money laundering and terrorist financing risks to which the professional is exposed, particularly through its activities, the nature of its customers and the provided products and services;

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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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