Regulatory Alerts2020-08-24
Added · Updated
CSSF Regulation No 20-05 amending Regulation No 12-02 on the fight against money laundering and terrorist financing
CSSF Regulation No 20-05 amends Regulation No 12-02 by updating definitions in Article 1 and clarifying the scope of application in Article 2, specifically excluding statutory auditors and audit firms. It establishes a risk-based approach requiring professionals to assess ML/TF risks using specific sources, categorize customers by risk level, and implement enhanced due diligence for high-risk relationships. The amendment mandates that customer acceptance policies include automated processes for low-risk profiles, require written authorization for high-risk or numbered accounts, and permit account opening before identity verification only under strict low-risk conditions.
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