Regulatory Alerts2021-02-04
Added · Updated
Circular CSSF 21/765 — Update of Circular CSSF 01/27 and Circular CSSF 07/325 following amendments to CSSF Regulation No 12-02
This circular updates Part 10 of the long form audit report defined in Circular CSSF 01/27 to align with amendments to Articles 49(2) and 49(3) of CSSF Regulation No 12-02 regarding money laundering and terrorist financing prevention. Effective for financial years ending on or after 31 December 2020, the revised report requires statutory auditors to describe AML/CFT procedures, assess risk analyses, verify internal audit compliance, review employee training, report suspicious transaction statistics, and confirm adherence to Regulation (EU) 2015/847. The document also amends Circular CSSF 07/325 to mandate that statutory auditors for branches of credit institutions authorized in other Member States apply similar AML/CFT reporting standards for areas under CSSF host authority oversight.
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