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ARTICLE · 10 MARCH 2020

CSSF Clarifies Individual AML/CFT Responsibilities For Managers And Funds

Chevalier & Sciales
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In a frequently-asked questions document issued on November 25, 2019, Luxembourg's Financial Sector Supervisory Authority has clarified the roles and responsibilities of the two individuals in charge of compliance ...

LuxembourgGovernment, Public Sector
Olivier Sciales
Olivier Sciales
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In a frequently-asked questions document issued on November 25, 2019, Luxembourg's Financial Sector Supervisory Authority (CSSF) has clarified the roles and responsibilities of the two individuals in charge of compliance with Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) controls for Luxembourg investment funds and managers according to the requirements of Article 4(1) of the law of November 12, 2004.

The legislation requires funds and management entities to appoint a member of their management body responsible for compliance with measures to curb money laundering and financing of terrorism, known as the responsible for compliance (responsable du respect des obligations in the French text of the law or RR for short). Depending on the size and activity of the business, the legislation also requires appointment of a AML/CFT compliance officer, described as a responsable du contrôle du respect des obligations (RC).

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