CSSF approach with respect to AML/CTF

Within the framework of its statutory mission, the CSSF is in charge of ensuring that all the persons subject to its supervision, authorisation or registration comply with the professional AML/CTF obligations.

The CSSF ensures that professionals implement a risk-based approach in order to allocate the appropriate means and resources to the customers and products which represent higher risks.

Moreover, the CSSF ensures that persons maintaining relationships with organised crime, including, inter alia, those committing money laundering or terrorist financing offences, cannot take control, in any form whatsoever, over persons subject to its supervision.

Professionals are required to fully cooperate with the CSSF as well as the Financial Intelligence Unit (FIU) with respect to AML/CTF. The CSSF, in turn, cooperates closely with the FIU. These two authorities are authorised to exchange information necessary to perform their respective duties. Moreover, the CSSF can also exchange information with other AML/CTF competent authorities, on a national or on an international level.

The AML/CTF supervision (off-site and on-site supervision) by the CSSF is organised pursuant to the principles of a risk-based approach that takes into account the money laundering and terrorist financing risks to which the supervised entities and the sectors at large are exposed to.

Powers of the CSSF in the exercise of its duties with respect to AML/CTF

The CSSF has all the supervisory and investigatory powers provided for in the Law of 12 November 2004 on the fight against money laundering and terrorist financing (“AML/CTF Law”) and in various sectorial laws for the purpose of carrying out its duties. For instance, the CSSF is entitled to have access to any document it deems necessary and to obtain a copy thereof. It may also request information from any person subject to its supervision, notably by summoning this person or by carrying out on-site inspections.

Where a person subject to the AML/CTF supervision of the CSSF does not comply with the provisions relating to AML/CTF, the CSSF has a power of injunction against this person. If after expiry of the time limit set by the CSSF, the supervised person has not fixed the situation, the CSSF may follow up with an administrative sanction against this person.

Moreover, the CSSF has broad sanctioning powers. It may issue warnings, reprimands, administrative fines or occupational prohibitions against persons subject to its AML/CTF supervision. These sanctions will, generally, be made public by the CSSF.

Such administrative or prudential sanctions are without prejudice to the imposition of criminal sanctions (imprisonment and/or a fine) by criminal courts against professionals which deliberately violated the legal provisions which apply to them in this regard.

Financial sector professionals' obligations with respect to AML/CTF

Financial sector professionals shall, in any event, comply with the professional obligations arising from AML/CTF texts, and more specifically customer due diligence obligations, adequate internal management requirements and cooperation requirements with the authorities.

Furthermore, and where applicable, they must comply with the obligations arising from Regulation (EU) 2015/847 of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006, applicable as from 26 June 2017. In particular, financial sector professionals must respond, without delay, to any request for information from the competent AML/CTF authorities and relating to information accompanying transfers of funds.

Please refer to our FAQs on AML/CFT and to the respective applicable texts for further information on this topic.

Expert Working Groups

Anti-Money Laundering Committee

Expert Working Group Private Banking

  • 16 October 2020

    List of members of the Expert Working Group Private Banking (only in French)

    List
    PDF (33.8Kb)
  • 16 October 2020

    Operating rules of the Expert Working Group Private Banking

    Internal organisation
    PDF (45.43Kb)
    PDF (44.46Kb)

Expert Working Group AML OPC

  • 13 October 2020 - Updated on 10 June 2022

    List of members of the Expert Working Group AML OPC

    List
    PDF (33.57Kb)
    PDF (33.57Kb)
  • 1 October 2019

    Operating rules of the Expert Working Group AML OPC (only in French)

    Internal organisation
    PDF (43.85Kb)

Documentation

Laws, regulations and directives

Circulars

Other reference texts

Forms

Guidance

Publications

  • 8 February 2023

    Key takeaways of AML/CFT conference held on 30 January 2023 for Specialised PFS

    Studies and reports
    PDF (124.28Kb)
  • 8 February 2023

    Looking back on the 2023 CSSF AML/CFT Conference for Specialised PFS

    Communiqué
    Page
    Page
  • 8 February 2023

    2023 AML/CFT Conference dedicated to Specialised PFS

    Studies and reports
    PDF (2.17Mb)
  • 20 December 2022

    Payment Agents/e-money distributors – Guidance for the prevention of money laundering and terrorism financing

    Supervisory disclosure document
    PDF (356.29Kb)
  • 7 December 2022

    2022 Supranational Report of the European Commission

    on the assessment of the risk of money laundering and terrorist financing
    Studies and reports
    PDF (542Kb)
    PDF (487.63Kb)
  • 24 August 2022

    List of trusts and similar legal arrangements governed under the law of the Member States as notified to the European Commission pursuant to article 31(10) of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (only in French)

    List
    PDF (502.42Kb)
    Link
  • 21 June 2022

    Terrorist Financing – Vertical Risk Assessment

    May 2022 Published by the Ministry of Justice
    Studies and reports
    Lien
    Link
  • 31 May 2022

    ML/TF Sub-sector Risk Assessment – Collective Investment Sector

    2022 update
    Studies and reports
    PDF (402Kb)
  • 28 February 2022

    ML/TF vertical risk assessment: legal persons and legal arrangements – February 2022

    Studies and reports
    Lien
    Link
  • 27 January 2022

    2022 AML/CFT Conference dedicated to Specialised Professionals of the Financial Sector

    Studies and reports
    PDF (3.45Mb)
  • 26 January 2022

    Looking back on the 2022 CSSF AML/CFT Conference for Specialised PFS

    In order to foster interaction with the Specialised PFSs under its supervision, the Commission de Surveillance du Secteur Financier (CSSF) held an online conference on 24 January 2022 highlighting the key issues on AML/CFT for the sector. Representatives of the…
    Podcast
    Podcast
  • 27 January 2021

    ML/TF vertical risk assessment: virtual asset service providers

    December 2020
    Studies and reports
    Link
  • 15 September 2020

    National risk assessment of money laundering and terrorist financing

    2020
    Studies and reports
    Lien
    Link
  • 20 July 2020

    ML/TF sub-sector risk assessement (trust and company services provider activities)

    Studies and reports
    PDF (1.64Mb)
  • 25 April 2020

    EBA information on administrative sanctions or measures under Article 62 of Directive (EU) 2015/849 (AMLD4)

    Other guidance
    Link
  • 21 April 2020

    Money is not a victimless crime

    Video published by the FATF
    Studies and reports
    Link
  • 1 December 2019

    ML/TF risk analysis – private banking

    Studies and reports
    PDF (1014.91Kb)
  • 24 July 2019

    2019 Supranational Report of the European Commission

    on money laundering and terrorist financing risks
    Studies and reports
    PDF (643.84Kb)
    PDF (626.83Kb)
  • 10 December 2018

    National risk assessment of money laundering and terrorist financing

    2018
    Studies and reports
    Lien
    Link
  • 26 June 2017

    2017 Supranational Report of the European Commission

    on money laundering and terrorist financing risks
    Studies and reports
    Link

Useful links

Public consultations

  • 30 December 2022

    Consultation paper on Guidelines

    1) amending Guidelines EBA/2021/02 on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions (‘The ML/TF Risk Factors Guidelines’) under…
    Public consultation
    Link
  • 23 November 2022

    FATF Guidance on Beneficial Ownership (Recommendation 24)

    Public consultation open until 6 December 2022
    Public consultation
    Link
  • 23 November 2022

    FATF: Revision of Recommendation 25 and its Interpretive Note

    Public consultation open until 6 December 2022
    Public consultation
    Link
  • 2 August 2021

    Consultation on draft Guidelines on the role, tasks and responsibilities AML/CFT compliance officers

    (EBA/CP/2021/31)
    Public consultation
    Link
  • 9 March 2021

    Public Consultation on FATF Guidance on Proliferation Financing Risk Assessment and Mitigation

    Public consultation
    Link
  • 12 August 2020

    EBA consults on the use of RegTech solutions and ways to support the uptake of RegTech across the EU

    Public consultation
    Link

Press room

CSSF

  • 11 January 2023

    AML/CFT controls applied to TCSP activities by certain IFMs

    Thematic inspections from November 2021 to January 2022
    Communiqué
    Page
  • 20 December 2022

    The CSSF reviews the risks related to money laundering and terrorist financing to which payment agents and electronic money distributors are exposed and communicates its recommendations in this regard

    Communiqué
    Page
    Page
  • 7 December 2022

    2022 Survey related to the fight against money laundering and terrorism financing

    Communiqué
    Page
    Page
  • 8 November 2022

    AML/CFT controls applied in terms of preventing tax offences

    Thematic review November and December 2021
    Communiqué