1. Are there any sanctions imposed against Luxembourg?
There are no sanctions imposed on Luxembourg.
2. What are the regulated institutions in Luxembourg?
Banks, Financial institutions, Institutions that must comply with the AML regulation, commercial organizations at risk of money laundering.
3. Who are the local regulatory authorities in Luxembourg, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
Commission de Surveillance du Secteur Financier (CSSF), Financial Institutions, Association Luxembourgeoise des Compliance Officers/Association of Luxembourg Compliance Officers (ALCO), Association Luxembourgeoise des Fonds d’Investissement/Association of the Luxembourg Fund Industry(ALFI), Association des Banques et Banquiers, Luxembourg/The Luxembourg Bankers’ Association(ABBL), Luxembourg Private Equity & Venture Capital Association(LPEA), Real Estate Association of Luxembourg a.s.b.l.(LUXREAL), Institut des Réviseurs d’Entreprises(IRE), Cellule de Renseignement Financier(CRF). .
4. What is the status of Luxembourg's FATF?
Luxembourg is a European Union country obliged to comply with FATF rules. Luxembourg is not on the FATF list of countries where it has strategic AML shortcomings. FATF conducted the last Mutual Assessment Report on the implementation of anti-money laundering finance standards in Luxembourg in 2010. Based on this assessment, it was deemed to be largely compliant for 9 and compliant for 1 of the FATF recommendations.
5. Which global regulations Luxembourg have to comply with?
Luxembourg is a member of the European Union and it is a country that complies with FATF rules.
6. What are the AML obligations of the businesses in Luxembourg?
The financial sector will always comply with the AML / CTF professional obligations and more specifically the customer due diligence obligations, adequate internal management requirements and cooperation with authorities. The obligations of Regulation (EU) 2015/847 of 20 May 2015
7. What are the local AML laws and regulations in Luxembourg?
Financial Sector Act (LoFS), Cellule de Renseignement Financier (CRF),Domiciliation of Companies Act of 31 May 1999, Chartered Accountants Act of 10 June 19 2003/41/EC and 2009/65/EC 99.
8. What are the penalties for failure to comply with Anti-Money Laundering law in Luxembourg?
Money laundering in Luxembourg is punishable by imprisonment from one to five years or fines between 1,250 and 1,250,000 euros. .
9. Are violations of anti-money laundering obligations also subject to criminal sanctions in Luxembourg?
Yes, violations of anti-money laundering obligations are subject to criminal sanctions.
10. What can oblige institutions do to prevent money laundering and to comply with AML regulations in Luxembourg?
In order to reduce the risk of money laundering, liable organizations need to know the real identities of their customers and calculate the risk factor. There are Know Your Customer, Customer Due Diligence, Transaction Monitoring applications recommended by regulators. Sanction Scanner enables financial institutions in Luxembourg to comply with local and global anti-money laundering laws.
Financial institutions meet AML requirements on various issues such as customer information recruitment processes with our AML Name Scanning Software. Businesses can comply with BaFin regulations with Sanction Scanner solutions. You can
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