- The Law of 13 February 2018, entered into force on 18 February 2018, substantially modifies the amended law of 12 November 2004 relating to the fight against money-laundering and against the financing of terrorism (“AML Law of 2004”).
- This law introduces new categories of professionals (individuals or entities) that will need to comply with the AML Law of 2004 including persons exercising the activity of Family Office, bailiffs, asset dealers, betting and gambling establishments, some trust and company service providers and other financial institutions exercising their activities in Luxembourg.
- Among the changes: the risk-based approach has been reinforced, additional customer due diligence must be performed in some cases, the beneficial owner of customers must be identified (and listed in the Luxembourg Trade and Companies Register), the definition of “politically exposed person” has been introduced and additional internal organisation requirements have been set.
- Violations of customer due diligence obligations, of the obligation to have an appropriate internal organisation, or of the obligation to cooperate with the authorities, will constitute administrative or criminal offences with fines up to 5,000,000€.
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