AML : Persons involved in AML/CTF for investment funds and managers

Assistance in reviewing  your RR and RC approach and in supporting your business as RC ?

On 25 November 2019, the CSSF issued an FAQ on persons involved in AML/CTF for a Luxembourg fund or investment fund manager (“IFM”) supervised by the CSSF for AML/CTF purposes.

Through the two questions of the FAQ, the CSSF aims to share its interpretation of Article 4(1) of the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended (“AML Law”).

In Question 1 of its FAQ, the CSSF recalls that in its view, every Luxembourg fund and IFM subject to AML/CTF supervision is legally required to appoint: – a person from among the members of their management bodies, to be responsible for compliance with AML/CTF obligations, in French a “responsable du respect des obligations” (“RR”); and – a compliance officer at the appropriate hierarchical level to ensure the control of compliance with AML/CTF obligations, in French a “responsable du contrôle du respect des obligations” (“RC”).

Question 2 of the FAQ clarifies the conditions applicable for any person appointed as RR or RC. These conditions are based on those defined in Article 40 of CSSF Regulation 12-02 of 14 December 2012 on AML/CTF.