ARTICLE · 10 MARCH 2020

CSSF Details Areas For Improvement In Money Laundering Controls

Chevalier & Sciales

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At a conference on December 3, 2019, Luxembourg's Financial Sector Supervisory Authority has underlined to members of the country's investment fund industry the need for improvement in aspects of controls ...

LuxembourgGovernment, Public Sector

Olivier Sciales

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At a conference on December 3, 2019, Luxembourg's Financial Sector Supervisory Authority (CSSF) has underlined to members of the country's investment fund industry the need for improvement in aspects of controls designed to curb money laundering and the financing of terrorism.

Noting that Luxembourg is Europe's largest fund centre in terms of assets under management, the CSSF notes that the country's National Risk Assessment on Money Laundering and Terrorist Financing risks in December 2018 indicated that the investment fund sector carried a high risk because of the variety of entities involved, the high volume of retail and institutional investors and of the international scope of its business.

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