Regulatory Alerts2020-04-10
Circular CSSF 20/740 — Financial crime and AML/CFT implications during the COVID-19 pandemic
The CSSF issues guidance requiring professionals under its AML/CFT supervision to maintain effective systems and controls to prevent the financial system from being abused for money laundering and terrorism financing during the pandemic. The document outlines emerging threats such as cybercrime, fraud, and corruption related to government support schemes, alongside specific sector vulnerabilities including online payments and distressed clients. Supervised entities are expected to remain vigilant and implement mitigating actions to address these heightened risks while adhering to international standards.
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