Regulatory Alerts2024-09-05
Added · Updated
Circular CSSF 24/861 amending Circular CSSF 19/732 on Prevention of Money Laundering and Terrorist Financing
Circular CSSF 24/861 modifies point 74 of Circular CSSF 19/732 with immediate effect to clarify the identification and verification of ultimate beneficial owners. The amendment requires professionals under AML/CFT supervision to apply a risk-based approach for the identification, documentation, and verification of legal persons or arrangements situated between the customer and the natural person who is the beneficial owner.