The Commissariat aux Assurances (the "CAA") has just published a new regulation relating to the fight against money laundering and terrorist financing ("AML/CTF"): Regulation No. 20/03 of 30 July 2020 (the "New Regulation").
The aim of the New Regulation is to replace and repeal the amended CAA Regulation No. 13/01 of 23 December 2013 on the fight against money laundering and terrorist financing (the "13/01 Regulation") following the legislative changes resulting from the implementation of EU Directive 2015/849 and EU Directive 2018/843 (respectively the fourth and fifth anti-money laundering directives).
In line with the new Grand Ducal Regulation of 14 August 2020 (the "2020 Grand Ducal Regulation") amending the Grand Ducal Regulation of 1 February 2010 and the new CSSF Regulation N°20-05 amending the CSSF Regulation N°12-02 of 14 December 2012 on the fight against money laundering and terrorist financing (more information on these two regulations can be found at the following link_), the New Regulation details a number of provisions already contained in the repealed 13/01 Regulation, as well as certain provisions of the amended law of 12 November 2004 on the fight against money laundering and terrorist financing (the "2004 Law"), and introduces new requirements relating to AML/CTF that affect professionals in the insurance business.
The aim of this newsflash is to set out the main changes brought by the New Regulation, namely:
- specifications relating to the scope of application of the AML/CTF obligations;
- clarifications about the risk-based approach;
- specifications relating to customer due diligence measures, including simplified and enhanced customer due diligence measures, ongoing monitoring and the timelines for carrying out such measures;
- explanations on the content of group-wide policies;
- explanations regarding the split of competence between the Responsible for Compliance and the Compliance Officer.
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.