CSSF publishes AML/CFT FAQ for investment funds and fund managers

News

CSSF publishes AML/CFT FAQ for investment funds and fund managers

28 November 2019

Regulatory News Alert

Context and objectives

On the 25 November, the CSSF released a FAQ concerning the persons involved in AML/CFT for a Luxembourg investment fund or an investment fund manager supervised by the CSSF for AML/CFT purposes.

This FAQ is based on Article 4(1) of the Law of 12 November 2004 as amended (the Law), which requires professionals to appoint:

  • a member from their management body, responsible for compliance with professional obligations in the fight against money laundering and terrorist financing (responsable du respect des obligations, hereafter referred to as RR)
  • if the size and nature of the activity so requires, a compliance officer at appropriate hierarchical level (responsable du contrôle du respect des obligations, hereafter referred to as RC). 

The FAQ explains how the requirements of Article 4(1) that call for the appointment of two different persons in charge of AML/CFT, need to be implemented by a Luxembourg investment fund or investment fund manager.

Finally, the CSSF clarifies the conditions applicable to the persons in charge of AML/CFT, notably when it comes to required knowledge, experience, and availability of such persons.

 

How can Deloitte help?

In this rapidly evolving crossroads between regulations, Deloitte can help you stay ahead of the game with our Kaleidoscope Regulatory Watch services, which monitors and analyzes upcoming changes.

Deloitte’s AML/CTF advisory specialists and dedicated services will also help you design and implement your renewed business strategy in light of the future evolution of the AML/CFT framework.

Deloitte’s AML/CTF advisory specialists can assist in:

  • Reviewing the adequacy of qualifications of the proposed RR and RC
  • Reviewing the framework for allowing both RR and RC to be compliant with the regulatory requirements.

Key Deloitte AML services:

  • AML/KYC remediation plan
  • AML/CTF training
  • AML/CTF policy, procedure, and process design or review
  • DKYC: externalizing KYC processes.
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Contacts

Pascal Eber
Partner – Operations Excellence &
Human Capital
Tel : +352 45145 2649
peber@deloitte.lu

Eric Collard
Partner – Forensic & AML, Restructuring
Tel : +352 45145 4985
ecollard@deloitte.lu

Bastien Collette
Director – Advisory & Consulting (AML/CTF)
Tel : +352 45145 3372
bacollette@deloitte.lu

Alice Lehnert
Director – Advisory & Consulting
Tel : +352 45145 2605
alehnert@deloitte.lu

 

Regulatory Watch Kaleidoscope service

Simon Ramos
Partner – IM Advisory & Consulting
Leader
Tel : +352 45145 2702
siramos@deloitte.lu

Jean-Philippe Peters
Partner – Risk Advisory
Tel : +352 45145 2276
jppeters@deloitte.lu

Benoit Sauvage
Director – RegWatch, Strategy & Consulting
Tel : +352 45145 4220
bsauvage@deloitte.lu

Marijana Vuksic
Manager – Regulatory & Consulting
Tel : +352 45145 2311
mvuksic@deloitte.lu

 

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