Regulatory Alerts2021-03-12
Added · Updated
CSSF Circular 21/768: Updates to Statutory Auditor Rules for Investment Firms and EU Branches in Luxembourg
Circular CSSF 21/768 updates Part 8 of the long form audit report defined in Circular CSSF 03/113 to align with amendments to Articles 49(2) and 49(3) of CSSF Regulation No 12-02 regarding the prevention of money laundering and terrorist financing. Effective for financial years ending on or after 31 December 2020, the revised report requires approved statutory auditors to describe procedures, evaluate risk assessments, verify compliance audits, and provide historical statistics on suspicious transactions. The circular also adds provisions to Circular CSSF 07/325, requiring statutory auditors of Luxembourg branches of EU investment firms to apply similar AML/CFT reporting obligations and provide descriptive parts of their reports to the auditors.
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