Regulatory Alerts2012-12-14
Added · Updated
CSSF Regulation No 12-02 on the Fight Against Money Laundering and Terrorist Financing
CSSF Regulation No 12-02 establishes the regulatory framework for the fight against money laundering and terrorist financing, as amended by Regulation No 20-05. It applies to professionals supervised by the CSSF, excluding statutory auditors, and mandates a risk-based approach for identifying, assessing, and mitigating ML/TF risks. The regulation requires professionals to implement enhanced due diligence for intermediaries, categorize customers by risk level, and obtain written authorization for new customer acceptance, particularly for high-risk profiles or numbered accounts. It further prohibits anonymous or fictitious accounts and mandates the documentation of customer acceptance policies and refusal reasons.
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