ARTICLE · 03 APRIL 2021

Further Specifications To The AML Law

ELVINGER HOSS PRUSSEN, société anonyme

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In order to perfect the transposition into Luxembourg law of the fourth EU AML Directive 2015/849, in line with GAFI recommendations, the Law of 12 November 2004 on the fight against money laundering...

LuxembourgGovernment, Public Sector

Elvinger Hoss Prussen

In order to perfect the transposition into Luxembourg law of the fourth EU AML Directive 2015/849, in line with GAFI recommendations, the Law of 12 November 2004 on the fight against money laundering and terrorism financing ("AML Law") was amended again. The Law of 25 February 2021 (see link here ), brings clarification and further details to certain provisions. The modifications entered into force on 4 March 2021.

The following amendments are noteworthy:

In the context of their risk-proportionate KYC obligations, it is now expressly confirmed that professionals must identify clients and beneficial owners in all cases;
Numbered accounts, numbered savings books and numbered safes are prohibited (they no longer exist in practice);

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ELVINGER HOSS PRUSSEN, société anonyme