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ARTICLE · 27 FEBRUARY 2024

CSSF Publishes Updated Money-laundering/terrorist Financing Risk Assessment For The Private Banking Sector

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On 7 February 2024, the Luxembourg supervisory authority for the financial sector (Commission de Surveillance du Secteur Financier, "CSSF")...

LuxembourgFinance and Banking
Aurélia Viémont
Aurélia Viémont
Sarah Hantscher
Sarah Hantscher
Mélanie Poirrier
Mélanie Poirrier
Anne Picot-Guillot
Anne Picot-Guillot
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On 7 February 2024, the Luxembourg supervisory authority for the financial sector (Commission de Surveillance du Secteur Financier, "CSSF") released the updated Private Banking Sub-Sector money laundering/terrorist financing ("ML/TF") Risk Assessment (the "2023 PBSSRA").

The 2023 PBSSRA pertains to all supervised entities carrying out private banking activities, and in particular to (i) private banks when carrying out asset management services (i.e. custody of financial assets and investment services) and ancillary services (i.e. current account banking, credit solutions, wealth structuring and insurance solutions), and (ii) investment firms when providing services comparable to private banks, including portfolio management, investment advisory services and some ancillary services (the "In-Scope Entities").

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