Luxembourg fund industry players, in particular investment fund managers and regulated funds, have been the focus of several recent regulatory developments to combat money laundering and terrorist financing (AML/CFT). The need for sector-specific AML/CFT measures is partly due to the particularities of collective investment structures,...
The publication of the Law of 30 March 2022 on inactive accounts, inactive safe boxes and dormant insurance contracts (Loi relative aux comptes inactifs, aux coffres-forts inactifs et aux contrats d’assurance en déshérence) brought some clarity to insurance professionals as to how they should handle...
In December 2021, the European Banking Authority (EBA) published new draft guidelines on remote customer onboarding at the request of the European Commission. These respond to the rising demand for remote rather than face-to-face onboarding, which was exacerbated by the global pandemic. ...
On 22 October 2018, the Luxembourg insurance sector regulator, the Commissariat aux Assurances (CAA), issued an impactful text in the form of CAA Circular 18/9 introducing new harmonized evaluation questionnaires relating to risks of exposure to money laundering and terrorism financing for life-insurance companies. Circular 18/9...