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ARTICLE · 21 OCTOBER 2022

Important Clarification For AIFs Regarding Appointment Of RR / RC

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On 12 October 2022, Luxembourg's Registration Duty, Estate and VAT Authority, the Administration de l'enregistrement, des domaines et de la TVA (AED) confirmed that unregulated...

LuxembourgFinance and Banking
Johan Terblanche
Johan Terblanche
Michelle Barry
Michelle Barry
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On 12 October 2022, Luxembourg's Registration Duty, Estate and VAT Authority, the Administration de l'enregistrement, des domaines et de la TVA ("AED") confirmed1 that unregulated alternative investment funds ("AIFs") subject to its AML / CFT supervision are legally required to appoint two individuals responsible for AML / CFT:

  • a person responsible for compliance with the professional obligations as regards the fight against money laundering and terrorist financing (responsable du respect des obligations) ("RR"); and
  • a compliance officer at appropriate hierarchical level (responsable du contrôle du respect des obligations) ("RC").

Background

This confirmation follows previous guidance issued by both the AED2 and Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier ("CSSF")3 in relation to reserved alternative investment funds, which are supervised by the AED for AML / CFT purposes, and regulated Luxembourg funds and

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