Anti Money Laundering - Look Through, Behind And Beyond: Seek And Find The Beneficial Owner - A Luxembourg Perspective

Mondaq Business BriefingLuxembourg Articles in EnglishFinance and Banking (2015)

Linked as:

Extract


Anti Money Laundering - Look Through, Behind And Beyond: Seek And Find The Beneficial Owner - A Luxembourg Perspective

INTRODUCTION

Several mechanisms and arrangements are available for someone who wants to conceal his involvement in a transaction. The interposition of a legal entity (e.g. company or trust) between a professional and the ultimate beneficial owner of said transaction is not illegal per se. However, it makes it more difficult for professionals to prevent them from being used by criminals as intermediaries for the transfer or deposit of money derived from criminal activity.1

Pursuant to article 3(1) of the law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended (the 2004 Law), professionals falling within the scope of the 2004 Law2 (in this briefing, the professionals) must apply customer due diligence measures when, amongst others:

establishing a business relationship carrying out occasional transactions amounting to EUR 15,000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked there is a suspicion of money laundering or terrorist financing, regardless of any derogation, exemption or threshold In this respect, they are in particular required to:

identify their customers and verify their identity identify, where applicable, the beneficial owner of such customers and take risk-based reasonable measures to verify their identity obtain information on the purpose and intended nature of the business relationship3 Besides the obligation for professionals to know their cus...

See the full content of this document


ver las páginas en versión mobile | web

ver las páginas en versión mobile | web

© Copyright 2017, vLex. All Rights Reserved.

Contents in vLex Luxembourg

Explore vLex

For Professionals

For Partners