On 7 November 2019, the CSSF issued a press release in relation to AML/CTF1 entry forms to be used by funds and investment fund managers ("IFMs") supervised by the CSSF.
The aim of these forms is to collect standardised key information in relation to (i) money laundering and terrorist financing ("ML/TF") risks to which the professionals are exposed and (ii) the measures they put in place to mitigate these risks.
In accordance with the CSSF press release, the AML/CTF entry form must be completed and submitted to the CSSF by:
- 1. UCITS, Part II UCIs, SIFs, SICARs,
ELTIFs, EUSEFs, EUVECAs or MMFs2 in the following cases:
- - when submitting an application for the set-up of a new fund;
- - when requesting approval for an additional sub-fund. In practice, the CSSF seems to take a stricter approach by asking, in certain circumstances, for the form to be completed also for all new and existing sub-funds.
- 2. IFMs in the following cases:
- - when submitting an application for the set-up of an authorised or registered investment fund manager;
- - when requesting approval for an additional licence (e.g. for new investment strategies), a licence extension (e.g. for MiFID activities) or a change in the shareholder structure, if there has been any change to the information previously submitted.
AML/CTF forms must be accompanied by specific documents, the list of which depends on the ML/TF residual risk of the fund/IFM.
>Footnotes
1. "AML/CTF" refers to Anti-Money Laundering/Counter Terrorist Financing.
2. "MMFs" refers to Money Market Funds.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.