CSSF regulation 12–02 on the fight against money laundering and terrorist financing

On 16 January 2013, the Commission de Surveillance du Secteur Financier (CSSF) published the circular letter 13/556 announcing the entry into force of the CSSF regulation no. 12–02 of 14 December 2012 on the fight against money laundering and terrorist financing. In addition, the circular letter repeals and replaces the former circular letter 08/387 on the fight against money laundering and terrorist financing and prevention of the use of the financial sector for the purpose of money laundering and terrorist financing, as well as the former circular letter 10/476 on the fight against money laundering and terrorist financing, which has abrogated and amended certain provisions of the circular letter 08/387.

The purpose of the present section is to provide a broad overview of the Regulation’s context of adoption as well as of the main changes that it introduces into Luxembourg law in relation to the provisions of the repealed Circular Letter 08/387. 

In this context, it should be noted that the Regulation considerably enhances the level of detail with which the internal procedures of the concerned professionals are regulated (i. a. in relation to internal reporting requirements, record keeping and the role of the person responsible for the fight against money laundering and terrorist financing), entailing that the internal set-up and organisation of the relevant professionals will have to be adapted accordingly…

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