Following the CSSF’s FAQ on 25 November 2019, Luxembourg Funds are required to appoint:
A person among the members of their management bodies to be in charge of compliance with the applicable professional obligations in the fight against money laundering and terrorist financing (the “Responsable du respect des obligations” or “RR”;
A Compliance Officer at the appropriate hierarchical level (the “Responsable du contrôle du respect des obligations” or “RC”).
Who does this apply to?
- Regulated funds
- Unregulated funds managed by an AIFM
- Unregulated funds (to be considered)
Eligibility for these roles
- The RR/RC have sufficient AML/CFT knowledge and expertise with regards to the laws and regulations applicable in Luxembourg and demonstrate this upon request (training, work experience);
- The RR/RC have sufficient knowledge of the investment and distribution strategies of the funds/ about the services offered by the Investment Fund Manager;
- The RR/RC are available without delay upon request by the Luxembourg AML/CFT competent authorities;
- The RC should have access to all internal documents and systems required necessary for performing its This condition is particularly relevant where the RC is not present in Luxembourg on an ongoing basis.
Providing experienced members to act as RR and/or RC/AML-CFT Compliance Officer for your Investment Fund: SIFs, SICARs, RAIFs, other unregulated AIFs.
Performing AML/CFT tasks as RR:
- Validate compliance with the applicable AML/CFT;
- Regulations, including processes and policies;
- Review any regular and annual reporting provided by the RC;
- To be reachable for any contact by the Luxembourg AML/CFT competent authorities
Performing AML/CFT tasks as RC:
- Reviewing and updating the AML/CFT policy of the Company if needed;
- Annual AML/CFT risk assessment of the company;
- Periodic and ad-hoc written reports to the management/board of directors;
- Registration with GoAML (FIU), report suspicious transactions or activities to the RR, and if necessary, to the FIU;
- Annual AML/CFT training for relevant persons at the company;
- Quarterly/ Annually “RC” reports;
- Central contact for AML/CFT purposes with the Luxembourg authorities;
- To be available without delay upon request by the Luxembourg AML/CFT competent authorities