CSSF Updates AML/CTF FAQs For Individuals/Investors

On 15 November 2019, the CSSF published an updated version of the FAQs regarding anti-money laundering and counter terrorist financing ("AML/CTF") addressed to individuals/investors.

The twenty Q&As serve as guidance on the essential concepts and relevant players involved in the fight against money laundering and terrorist financing ("ML/TF") and include references to the relevant legal and regulatory texts with respect to AML/CTF applicable to the financial sector. They specify, inter alia:

the meaning of money laundering (and its stages) and terrorist financing; the meaning of international financial sanctions within the context of the fight against terrorist financing; the role of the Financial Action Task Force as an international AML/CTF standard-setter; the reasons for the fight against ML/TF; the concept of "politically exposed persons" and the risks related to them; common fraud mechanisms to which investors may be directly exposed; which authorities, investors/customers can contact in the event of a prejudice. A set of Q&As is centred on the CSSF's role, explaining its responsibility for the preventive part of the fight against ML/TF, while the Financial Intelligence Unit of the Public Prosecutor's Office...