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3 January 2025

CSSF Issues New AML/CFT FAQ On Asset Side Due Diligence Obligations

H
Harneys

Contributor

Harneys is a full-service offshore law firm offering expert legal advice on the laws of jurisdictions including the British Virgin Islands, Cayman Islands, Luxembourg, and more. Established in 1960, the firm has grown to 11 global locations with over 180 lawyers, serving top law firms, financial institutions, investment funds, and high-net-worth individuals. Harneys provides comprehensive legal support across transactional, contentious, and private client matters, often in collaboration with Harneys Fiduciary, which delivers corporate and wealth management services. Known for its role in shaping offshore jurisprudence, the firm also advises on legislative developments and excels in handling complex cross-border transactions and disputes.

On 13 December 2024, Luxembourg's Commission de Surveillance du Secteur Financier (CSSF) released a new FAQ addressing Anti-Money Laundering and Countering...
Luxembourg Government, Public Sector

On 13 December 2024, Luxembourg's Commission de Surveillance du Secteur Financier (CSSF) released a new FAQ addressing Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) on the asset side due diligence requirements under CSSF Regulation No. 12-02.

The FAQ clarifies that for securities admitted to trading on a regulated market, professionals can fulfil their due diligence obligations by demonstrating, upon request, that the securities are indeed admitted to trading on such a market. This streamlined approach simplifies compliance for professionals handling these types of securities.

Additionally, the FAQ provides guidance on the required frequency of AML/CFT checks for other assets that are not admitted to trading on a regulated market, offering further clarity for entities navigating due diligence requirements.

CSSF's FAQ's can be found here.

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.

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