Luxembourg newsflash: combating money laundering/terrorism financing
Financial institutions acting on the basis of the freedom to provide services (FPS) may be obliged to co-operate with the financial intelligence unit of the host member state according to the Court of Justice of the European Union (CJEU).
In a recent judgment (Case C-212/11 Jyske Bank Gibraltar Ltd), the CJEU ruled that EU law does not preclude host member state legislation from imposing on financial institutions operating in this member state on an FPS basis (without being established there) the obligation to co-operate directly with the host member state authorities on ML/TF matters relating to its operations in such state…
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Briefings from Arendt & Medernach
Section 2 of CSSF Regulation No. 13-02 relating to the out-of-court resolution of complaints will enter into force on 1 July 2014.
‘Allowances’ used as part of the fixed remuneration targeted by the European Commission, co-legislators and the EBA
The practice of introducing ‘position or role-based allowances’ is one of the elements underlined in the detailed analysis of EU banks published by the EBA.