Regulatory Alerts2018-12-20
Circular CSSF 18/702 — Developments regarding the fight against money laundering and terrorist financing (AML/CFT) in the private banking sector
The Commission de Surveillance du Secteur Financier (CSSF) issued Circular 18/702 to update regulatory expectations for private banks regarding anti-money laundering and counter-terrorist financing compliance. The document outlines specific developments and enhanced due diligence requirements that institutions must implement to mitigate risks associated with private banking activities. It serves as a binding directive for supervised entities to align their internal controls and risk assessment frameworks with the latest supervisory standards.
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