Regulatory Alerts2010-02-01
Added · Updated
Grand-ducal Regulation of 1 February 2010 on the fight against money laundering and terrorist financing
The regulation mandates that professionals pay special attention to significant transactions, high account turnover, or irregular patterns, scrutinizing their background and keeping written findings for at least five years. It requires customer due diligence measures to be applied at least every seven years and establishes a threshold of EUR 1,000 for occasional operations by virtual asset service providers. The text permits reduced identification for online payment services under specific conditions, including a unit transaction limit of EUR 250 and a 12-month cumulative limit of EUR 2,500. Additionally, it enforces enhanced due diligence for high-risk countries, cross-border correspondent relationships, and politically exposed persons, while prohibiting accounts in fictitious names.
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