"We offer tailored services and support our clients to decide on the best options to deal with their regulatory obligations" Lucie Fischbach, Chief Compliance Officer, explains one of the new AML/CTF requirements

actualités 18 Mai 2020

« We offer tailored services and support our clients to decide on the best options to deal with their regulatory obligations » Lucie Fischbach, Chief Compliance Officer, explains one of the new AML/CTF requirements

Safe is to say that anti-money laundering and terrorist financing (“AML/CTF”) matters will be in the spotlight in 2020 for Commission de Surveillance du Secteur Financier (hereafter, the “CSSF”).

At the end of last year, the CSSF published a new FAQ regarding “Persons involved in AML/CTF for a Luxembourg Investment Fund supervised by the CSSF for AML/CTF purposes”.

In the FAQ, the CSSF clarifies that every Luxembourg Investment Fund is legally required to appoint two persons in charge of AML/CFT:

One person at management level (i.e. Governing Body of the Fund) responsible for compliance with AML/CFT obligations (referred to as an “RR”, from the French “responsable du respect”); and
One person at the appropriate hierarchical level responsible for controlling compliance with AML/CFT obligations (referred to as an “RC”, from the French “responsable du contrôle du respect”).

Notwithstanding the proportionality principle foreseen by the Luxembourg Law with regards to the appointment of an AML/CFT Compliance Officer, the CSSF specifies that this principle may not be applied by Luxembourg Investment Funds.

While the CSSF also recalled that the RR and RC cannot be the same person, it is clearly highlighted that the purpose of the CSSF is to increase the involvement of the board of directors in the AML/CFT process.

In particular, the CSSF requests the persons in charge of AML/CFT, to be knowledgeable on the investments and distribution strategies of the Fund and available without delay upon request by the Luxembourg AML/CFT competent authorities.

"In the context of this new requirement, we offer tailored services and support our clients to decide on the best options to deal with their regulatory obligations."

Indeed, as a Super ManCo, Fuchs Asset Management has a strategic position which enable us to have access to AML/CFT information related to the Funds necessary to perform the duties and tasks of an appointed AML/CFT compliance officer.

Please do not hesitate to contact lucie.fischbach@fuchsgroup.com should you wish to discuss this matter further.