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Banking & Financial Services

AML

Two laws dated 25 March 2020 were published to finalise the implementation into Luxembourg law of Directive (EU) 2018/843 (Anti-Money Laundering Directive, AMLD 5) and of other AML/CFT European texts. The first law establishes a central electronic system for retrieving data concerning payment and bank accounts identified by an IBAN number and safe-deposit boxes held by credit institutions in Luxembourg. Read more. The second one provides for several amendments to the amended law of 12 November 2004 on the fight against money laundering and terrorist financing (AML Law) i.a. extension of the scope of the professionals subject to AML requirements (now including virtual asset service providers and any person which commits to provide, directly or via another person to whom it is related, a material assistance or advice from a tax perspective as a principal economic or professional activity) and new rules for third party introducers. Re