{"id":"circulars/reg-20-05","title":"CSSF Regulation No 20-05 of 24 August 2020","type":"circular","date":"2020-08-24","kind":"regulation","html":"<p>CSSF Regulation No 20-05 of 24 August 2020 is a CSSF regulation, published 24 August 2020. Subject: Of 14 August 2020 amending CSSF Regulation No 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing.</p>\n<p>Legal basis: <a href=\"/lhoft?page=laws%2F1998-12-23-n2\" class=\"wikiLink\" data-target=\"laws/1998-12-23-n2\">Law of 23 December 1998 creating the CSSF</a>, <a href=\"/lhoft?page=laws%2F2004-11-12-n1\" class=\"wikiLink\" data-target=\"laws/2004-11-12-n1\">Law of 12 November 2004 on anti-money laundering</a>.</p>\n<p>Relevant 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.</p>\n<p>Main topic: Financial crime. Keywords: AML/CFT, Restrictive measures.</p>\n<h2>Text</h2>\n<p>CSSF Regulation No 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing as amended by CSSF Regulation No 20-05 of 14 August 2020 amending CSSF Regulation No 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing</p>\n<p>CSSF REGULATION NO 12-02 OF 14 DECEMBER 2012 ON THE FIGHT AGAINST MONEY LAUNDERING AND TERRORIST FINANCING</p>\n<p>This coordinated text was drawn up by the CSSF for information purposes only. In case of discrepancies between the French and the English text, the French text shall prevail.</p>\n<p>CSSF Regulation No 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing (Mémorial A – No 5 of 9 January 2013)</p>\n<p>as amended by: -</p>\n<p>by CSSF Regulation No 20-05 of 14 August 2020 amending CSSF Regulation No 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing (Mémorial A – No 695 of 20 August 2020)</p>\n<p>The Executive Board of the Commission de Surveillance du Secteur Financier; Considering Article 108a of the Constitution; Considering the Law of 23 December 1998 establishing a financial sector supervisory commission (\"Commission de surveillance du secteur financier\")“, as amended,”1 and in particular Article 9(2); Considering the Law of 12 November 2004 on the fight against money laundering and terrorist financing“, as amended,”2 and the Grand-ducal Regulation of 1 February 2010 providing details on certain provisions of that law“, as amended” 3; Considering the opinion of the Consultative Committee for prudential regulation; decides:</p>\n<p>Chapter 1 Definitions Article 1</p>\n<p>(1) For the purposes of this regulation, the following definitions shall apply: (CSSF Regulation No 20-05)</p>\n<p>““ML/TF”:</p>\n<p>CSSF Regulation No 20-05</p>\n<p>Money Laundering/Terrorist Financing;</p>\n<p>CSSF REGULATION NO 12-02 OF 14 DECEMBER 2012 ON THE FIGHT AGAINST MONEY LAUNDERING AND TERRORIST FINANCING</p>\n<p>“customer”:</p>\n<p>natural or legal person with whom a business relationship exists or for whom an occasional transaction is carried out within the meaning of point (b) of Article 3(1) of the Law, including persons purporting to act on behalf of the customer. As regards investment funds, the notion of customer encompasses the notion of investor registered in the investment fund register;”</p>\n<p>\"FIU\":</p>\n<p>the Financial Intelligence Unit “under the administrative supervision of the Chief Public Prosecutor”4;</p>\n<p>“CSSF”:</p>\n<p>the Commission de Surveillance du Secteur Financier;</p>\n<p>““Directive (EU) 2015/849”:</p>\n<p>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,</p>\n<p>amended,</p>\n<p>and</p>\n<p>its</p>\n<p>implementing acts;”</p>\n<p>“management”:</p>\n<p>the persons having a real influence on the overall management of the professional's business;</p>\n<p>“authorised management”:</p>\n<p>the</p>\n<p>persons</p>\n<p>responsible</p>\n<p>for</p>\n<p>the</p>\n<p>“daily”6</p>\n<p>management of the professional, authorised by the CSSF (…)7; “FATF”:</p>\n<p>CSSF Regulation No 20-05</p>\n<p>the Financial Action Task Force;</p>\n<p>CSSF REGULATION NO 12-02 OF 14 DECEMBER 2012 ON THE FIGHT AGAINST MONEY LAUNDERING AND TERRORIST FINANCING</p>\n<p>(CSSF Regulation No 20-05)</p>\n<p>““IFM”:</p>\n<p>the Investment Fund Manager;”</p>\n<p>“AML/CFT”:</p>\n<p>Anti-Money Laundering and Countering the Financing of Terrorism</p>\n<p>“Law”:</p>\n<p>The text above is the opening of the document; the PDF carries the whole.</p>\n<p><a href=\"https://www.cssf.lu/en/Document/cssf-regulation-no-20-05/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/RCSSF_No12-02eng.pdf\" target=\"_blank\" rel=\"noreferrer\">PDF</a>. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.</p>"}