The new Regulation 12-02 and Circular 13/556 of the CSSF

Memorial A No. 5 of 19 December 2012 published the CSSF Regulation No. 12-02 (the “Regulation” hereafter) entered into effect on 12 January 2013.
The CSSF circular 13/556 replaced and annulled the CSSF circulars 08/387 and 10/476.
The Regulation giving a formal and legally binding nature to existing professional guidance on the fight against money laundering (AML) and counter terrorist financing (CTF) is applicable to all professionals under the supervision of the CSSF as defined in Article 2 of the Law of 12 November 2004.

The Regulation intends to answer to the GAFI recommendation of February 2010 by:

  • Reinforcing the CSSF power and the constraining legislative tools;
  • Setting up a comprehensive set of practical rules on key obligations such as the Know Your Customer duties (chapter 4), internal organization requirements (chapter 5), cooperation with competent authority (chapter 6);
  • Integrating in the Long Form Report, controls on the AML and CTF obligations and regulatory provisions (chapter 7).

The “Réviseur d’entreprise agréé” will so ensure that the AML/CTF policy and the risk assessment methodology comply with the requirements and are adequate to the Company specificities and clients.
Audit and Consulting Services will advise you and support you in the to implement of the AML/CFT measures defined in the Regulation.