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.
Documentation
Laws, regulations and directives
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19 June 2020
Commission Delegated Regulation (EU) 2020/855 of 7 May 2020
amending Delegated Regulation (EU) 2016/1675 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council, as regards adding the Bahamas, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Mongolia, Myanmar/Burma, Nicaragua, Panama and Zimbabwe to the table in point I…
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22 May 2020
Ministerial Regulation of 22 May 2020
amending Annex I C of Grand-ducal Regulation of 29 October 2010 enforcing the Law of 27 October 2010 implementing United Nations Security Council resolutions as well as acts adopted by the European Union concerning prohibitions and restrictive measures in financial…
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Updated on 25 March 2020
Law of 12 November 2004 (coordinated version as at 25 March 2020)
on the fight against money laundering and terrorist financing
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25 March 2020
Law of 25 March 2020
establishing a central electronic data retrieval system related to IBAN accounts and safe-deposit boxes
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25 March 2020
Law of 25 March 2020 (only in French)
amending : 1° the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended; 2° the Law of 9 December 1976 on the organisation of the profession of notary, as amended; 3° the Law…
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13 March 2020
Ministerial Regulation of 13 March 2020 (only in French)
amending Ministerial Regulation of 16 November 2018 amending Ministerial Regulation of 9 July 2009 amending creating a committee on the prevention of money laundering and terrorist financing
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11 July 2019
Directive (EU) 2019/1153 of the European Parliament and of the Council of 20 June 2019
laying down rules facilitating the use of financial and other information for the prevention, detection, investigation or prosecution of certain criminal offences, and repealing Council Decision 2000/642/JHA
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19 March 2019
Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019
establishing a framework for the screening of foreign direct investments into the Union
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15 February 2019
Grand-ducal Regulation of 15 February 2019 (only in French)
on the registration, payment of administrative fees and access to information recorded in the Register of beneficial owners
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31 January 2019
Commission Delegated Regulation (EU) 2019/758 of 31 January 2019
supplementing Directive (EU) 2015/849 of the European Parliament and of the Council with regard to regulatory technical standards for the minimum action and the type of additional measures credit and financial institutions must take to mitigate money laundering and terrorist…
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21 January 2019
Council Implementing Regulation (EU) 2019/84 of 21 January 2019
implementing Regulation (EU) 2018/1542 concerning restrictive measures against the proliferation and use of chemical weapons
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13 January 2019
Law of 13 January 2019 (only in French)
establishing a Register of beneficial owners
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16 November 2018
Ministerial Regulation of 16 November 2018 (only in French)
amending Ministerial Regulation of 9 July 2009 creating a committee on the prevention of money laundering and terrorist financing
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12 November 2018
Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018
on combating money laundering by criminal law
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12 November 2018
Regulation (EU) 2018/1672 of the European Parliament and of the Council of 23 October 2018
on controls on cash entering or leaving the Union and repealing Regulation (EC) No 1889/2005
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16 October 2018
Council Regulation (EU) 2018/1542 of 15 October 2018
concerning restrictive measures against the proliferation and use of chemical weapons
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02 October 2018
Commission Delegated Regulation (EU) 2018/1467 of 27 July 2018
amending Delegated Regulation (EU) 2016/1675 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council, as regards adding Pakistan to the table in point I of the Annex
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10 August 2018
Law of 10 August 2018
amending: 1° the Code of Criminal Procedure; 2° the Law of 7 March 1980 on the organisation of the judicial system, as amended; 3° the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as…
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10 August 2018
Law of 10 August 2018 (only in French)
on information to be obtained and held by trustees and transposing Article 31 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…
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Updated on 09 July 2018
Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 (coordinated version)
on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament…
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19 June 2018
Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018
amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU
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07 May 2018
Commission Delegated Regulation (EU) 2018/1108 of 7 May 2018
supplementing Directive (EU) 2015/849 of the European Parliament and of the Council with regulatory technical standards on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and with rules on their functions
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14 February 2018
Commission Delegated Regulation (EU) 2018/212 of 13 December 2017
amending Delegated Regulation (EU) 2016/1675 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council, as regards adding Sri Lanka, Trinidad and Tobago, and Tunisia to the table in point I of the Annex
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24 January 2018
Commission Delegated Regulation (EU) 2018/105 of 27 October 2017
amending Delegated Regulation (EU) 2016/1675, as regards adding Ethiopia to the list of high-risk third countries in the table in point I of the Annex
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31 March 2017
Directive (EU) 2017/541 of the European Parliament and of the Council of 15 March 2017
on combating terrorism and replacing Council Framework Decision 2002/475/JHA and amending Council Decision 2005/671/JHA
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20 September 2016
Commission Delegated Regulation (EU) 2016/1675 of 14 July 2016
supplementing Directive (EU) 2015/849 of the European Parliament and of the Council by identifying high-risk third countries with strategic deficiencies
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Updated on 05 August 2015
Grand-ducal Regulation of 1 February 2010 (coordinated version)
providing details on certain provisions of the amended Law of 12 November 2004 on the fight against money laundering and terrorist financing
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05 June 2015
Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015
on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006
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14 December 2012
CSSF Regulation N°12-02
of 14 December 2012 on the fight against money laundering and terrorist financing
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Updated on 03 August 2011
Grand-ducal Regulation of 29 October 2010 (coordinated version)
enforcing the Law of 27 October 2010 implementing United Nations Security Council resolutions as well as acts adopted by the European Union concerning prohibitions and restrictive measures in financial matters in respect of certain persons, entities and groups in the…
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27 October 2010
Law of 27 October 2010
enhancing the anti-money laundering and counter terrorist financing legal framework; organising the controls of physical transport of cash entering, transiting through or leaving the Grand Duchy of Luxembourg; implementing United Nations Security Council resolutions as well as acts adopted by…
Circulars
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03 July 2020
Circular CSSF 20/744
Complement to Circular CSSF 17/650 “Application of the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended (hereinafter “AML/CFT Law”) and Grand-ducal Regulation of 1 February 2010 providing details on certain provisions of…
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04 May 2020
Circular CSSF 20/742 (only in French)
Entry into force 1) of the Law of 25 March 2020 amending notably the Law of 12 November 2004 on the fight against money laundering and terrorist financing and, 2) the Law of 25 March 2020 establishing a central electronic…
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10 April 2020
Circular CSSF 20/740
Financial crime and AML/CFT implications during the COVID-19 pandemic
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17 March 2020
Circular letter
2019 Survey related to the fight against money laundering and terrorist financing: extended deadline
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31 January 2020
Circular letter
2019 Survey related to the fight against money laundering and terrorist financing
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20 December 2019
Circular CSSF 19/732
Prevention of Money Laundering and Terrorist Financing: Clarifications on the Identification and Verification of the Identity of the Ultimate Beneficial Owner(s)
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20 December 2018
Circular CSSF 18/702
Developments regarding the fight against money laundering and terrorist financing (AML/CFT) in the private banking sector
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23 August 2018
Circular CSSF 18/698
Authorisation and organisation of investment fund managers incorporated under Luxembourg law; Specific provisions on the fight against money laundering and terrorist financing applicable to investment fund managers and entities carrying out the activity of registrar agent
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13 March 2018
Circular CSSF 18/684
Entry into force of the Law of 13 February 2018 amending, inter alia, the Law of 12 November 2004 on the fight against money laundering and terrorist financing
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23 January 2018
Circular CSSF 18/680
Joint Guidelines of the three European Supervisory Authorities on the measures payment service providers should take to detect missing or incomplete information on the payer or the payee
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24 July 2017
Circular CSSF 17/661
Adoption of the joint guidelines issued by the three European Supervisory Authorities (EBA/ESMA/EIOPA) on money laundering and terrorist financing risk factors
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05 July 2017
Circular CSSF 17/660
Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006
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17 February 2017
Circular CSSF 17/650
Application of the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended (hereinafter “AML/CFT Law”) and of the Grand-ducal Regulation of 1 February 2010 providing details on certain provisions of the AML/CFT Law…
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27 March 2015
Circular CSSF 15/609
Developments in automatic exchange of tax information and anti-money laundering in tax matters
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16 January 2013
Circular CSSF 13/556
Entry into force of CSSF Regulation N° 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing – repeal of Circulars CSSF 08/387 and CSSF 10/476
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03 December 2012
Circular letter
Private Wealth Management Charter of Quality
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22 December 2011
Circular CSSF 11/529
Risk analysis regarding the fight against money laundering and terrorist financing (AML/CTF)
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15 December 2011
Circular CSSF 11/528
Abolition of the transmission to the CSSF of suspicious transaction reports regarding potential money laundering or terrorist financing
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19 July 2011
Circular CSSF 11/519
Risk analysis regarding the fight against money laundering and terrorist financing (AML/CTF)
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09 December 2010
Circular CSSF 10/495
Entry into force of the Law of 27 October 2010 on the fight against money laundering and terrorist financing
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11 October 2010
Circular CSSF 10/486
Fight against money laundering and terrorist financing: amendment of certain provisions of Circular CSSF 03/113
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26 August 2010
Circular CSSF 10/484
Fight against money laundering and terrorist financing: amendment of certain provisions of Circular CSSF 01/27, as amended
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11 May 2010
Circular CSSF 10/458
Measures concerning the Democratic People’s Republic of Korea (DPRK)
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21 November 2007
Circular CSSF 07/327
1) FATF statement on Iran 2) FATF guidance regarding the implementation of certain UN resolutions
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17 October 2006
Circular CSSF 06/263
Combating money laundering and terrorist financing – list of non-cooperative countries and territories (NCCTs)
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08 June 2006
Circular CSSF 06/247
Business relationships and transactions with natural or legal persons of North Korea
Other regulatory texts
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25 November 2019
FAQs regarding persons involved in AML/CTF for a Luxembourg Investment Fund or Investment Fund Manager supervised by the CSSF for AML/CTF purposes
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15 November 2019
FAQs regarding the fight against money laundering and terrorist financing (AML/CFT) for individuals/investors
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24 April 2019
Opinion of the European Banking Authority on the nature of passport notifications regarding agents and distributors under Directive (EU) 2015/2366 (PSD2), Directive 2009/110/EC (EMD2) and Directive (EU) 2015/849 (AMLD)
EBA-Op-2019-03
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08 March 2018
FAQs on AML/CTF and IT requirements for specific customer onboarding/KYC methods for the identification/verification through video chat
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23 January 2018
Joint opinion of the European Supervisory Authorities on the use of innovative solutions by credit and financial institutions in the customer due diligence process
JC 2017 81
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12 April 2016
Opinion of the European Banking Authority on the application of customer due diligence measures to customers who are asylum seekers from higher-risk third countries or territories
EBA-Op-2016-07
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15 March 2016
FAQs relating to the use of the good conduct guide Ministry of Finance (only in French)
Forms
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09 May 2020
AML/CFT IFM market entry form
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Updated on 06 May 2020
Commitment Letter - Fund confirmation of AML/CFT compliance for distribution channels
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Updated on 06 May 2020
Commitment Letter RR - annex to Market Entry Form
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Updated on 06 May 2020
Identification form of the responsible for compliance with AML/CFT requirements of an investment fund
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Updated on 06 May 2020
Identification form of the responsible for compliance with AML/CFT requirements of an investment fund manager
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Updated on 06 May 2020
Identification form of the responsible for the control of AML/CFT requirements of an investment fund
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Updated on 06 May 2020
Identification form of the responsible for the control of AML/CFT requirements of an investment fund manager
Guidance
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24 February 2016
Good conduct guide prepared by the Ministry of Finance on the implementation of financial sanctions against certain persons, entities, bodies and groups in the context of the combat against terrorist financing
Publications
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04 May 2020 AML/CFT supervision in the Collective Investment Sector during the Covid-19 situationCommuniqué
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Studies and reports
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09 April 2020 Communiqué on virtual assets, virtual asset service providers and the related registration processCommuniqué
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Studies and reports
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Studies and reports
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17 January 2020 The CSSF publishes Luxembourg’s first ML/FT risk analysis on the Collective Investment SectorCommuniqué
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15 January 2020 Communiqué on virtual assets and virtual asset service providersCommuniqué
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Studies and reports
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20 December 2019 The CSSF and the ABBL publish Luxembourg’s first ML/FT risk analysis of private bankingCommuniqué
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05 December 2019 AML/CFT Conference 3 December 2019 summaryCommuniqué
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Studies and reports
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28 November 2019 Survey related to the fight against money laundering and terrorist financingPress release
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Studies and reports
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23 October 2019 CSSF-IOSCO joint Seminar/Workshop on AML/CFT supervision for the Securities SectorPress release
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09 October 2019 Risk assessment of money laundering and terrorist financing (ML/TF)Communiqué
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04 October 2019 Conference – AML/CFT for specialised professionals of the financial sectorCommuniqué
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20 September 2019 Conference – AML/CFT for registered investment fund managersCommuniqué
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Studies and reports
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29 August 2019 Communication to supervised entities about the relevance of money laundering and terrorist financing risks in the prudential supervisionCommuniqué
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24 July 2019 2019 Supranational Report of the European Commissionon money laundering and terrorist financing risksStudies and reports
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Studies and reports
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23 May 2019 AML/CFT investment fund questionnaire SIF/UCI Part II/SICAR/ELTIFCommuniqué
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Studies and reports
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19 March 2019 Watch the deadline for answering the AML/CFT QuestionnairesCommuniqué
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Studies and reports
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01 March 2019 Conference – AML/CFT in Luxembourg Fund IndustryPress release
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12 February 2019 Survey related to the fight against money laundering and terrorist financingPress release
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20 December 2018 Luxembourg government press release of 20.12.2018Press release
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Studies and reports
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Studies and reports
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Studies and reports
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Studies and reports
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22 May 2018 AML/CFT Questionnaires – Press release 18/15Press release
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20 April 2018 Survey related to the fight against money laundering and terrorist financingPress release
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Studies and reports
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20 December 2017 Panama Papers: results of the CSSF’s analysis and subsequent enforcement proceduresPress release
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26 June 2017 2017 Supranational Report of the European Commissionon money laundering and terrorist financing risksStudies and reports
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22 June 2017 The CSSF imposes an administrative sanction on the bank Edmond de Rothschild (Europe)Communiqué
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05 April 2016 Panama PapersPress release
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28 October 2015 EBA, EIOPA and ESMA consult on anti-money laundering and countering the financing of terrorismPress release
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06 March 2014 Luxembourg government press release of 06.03.2014Press release
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20 January 2014 Publication by the Basel Committee of the new recommendations on the sound management of risks related to money laundering and financing of terrorismPress release
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21 February 2012 FATF revision of the international standards on combating money laundering and financing of terrorism and of proliferation of weapons of mass destructionPress release
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07 March 2011 Prevention, detection and treatment of possible suspicious assets held with financial institutionsPress release