CSSF to survey money laundering risks in February/March
Luxembourg’s financial supervisor CSSF on Wednesday said its annual online survey relating to the fight against money laundering and terrorism financing will start on 15 February next year.
The survey aims to collect standardised key information concerning money laundering and terrorism financing - “ML/TF” - risks to which firms under CSSF supervision are exposed and about the implementation of measures to mitigate these risks.
New ESG product rules under Mifid2 take effect
A new set of rules - part of an update to the EU’s Mifid 2 directive - took effect in Luxembourg on Tuesday that will set out how banks and asset managers are required to handle their investment products in terms of Environmental, Social and Governance.
EFAMA : 2022 sera une année difficile pour l'industrie des fonds d'investissement
Après une année 2021 record, 2022 sera nettement plus difficile pour l’industrie des fonds, mais le secteur continue à se développer et il n’y a pas eu de problèmes de liquidités. Et le débat entre gestion active et passive est loin de se limiter à la seule génération d’alpha.
CSSF on-site review finds "satisfactory" AML/CFT understanding, but weaknesses
Luxembourg financial regulator CSSF today announced that it had found “satisfactory” both market participants’ understanding of the risks of AML/CFT activities and the related mitigation measures that they had put into place, in a recent thematic review of money-laundering or terrorism financing checks by its on-site inspection unit.
FATF visit to Luxembourg: what to expect and when
The exact arrival dates of the Financial Action Task Force on-site assessors in Luxembourg remain a secret, so expect them to arrive anytime soon. The two weeks these unnamed individuals will spend this month in Luxembourg are just a fraction of the 18-month audit to which Luxembourg’s anti-money laundering rules and practices are currently undergoing.
Gazprom’s Gaz Capital fined by CSSF for late annual report
Luxembourg‘s financial supervisor on Monday said it has slapped a fine of 10.000 euro on a Luxembourg subsidiary of Russian state-owned gas producer Gazprom because it was late in filing its annual report for last year.
Gaz Capital SA is fully controlled by Gazprom and held more than 13 billion euro in total assets at the end of 2021, trade data from Luxembourg shows. The firm posted its annual accounts to Luxembourg’s business register on 27 July, well beyond the deadline of three months within the close of the year.
Luxembourg, awaiting FATF visit, is under the AML spotlight
Un test crucial attend la place financière du Luxembourg dans quelques mois. Le Groupe d’action financière (FATF) - l’organisme mondial de surveillance de la lutte contre le blanchiment de capitaux et le financement du terrorisme (AML/CFT) - prévoit de s’y rendre en novembre pour un audit approfondi. Comment se situe le Grand-Duché ?
« Le fonds d'investissement Merit Capital a commis plusieurs erreurs »
Les tensions qui existent depuis un certain temps déjà entre Merit Capital et la SICAV Merit Capital Global Investment Fund (MCGIF) refont surface. Le dernier rapport annuel révèle ainsi qu’il est question de dommages et intérêts versés par Merit Capital à la SICAV dans le cadre d’un règlement entre les deux parties au début de l’année.
EFAMA : « Protégez les investisseurs retail contre l'inflation »
L’inflation élevée, qui s’établit déjà à 10 % sur base annuelle en Belgique et se répercute sur les prix des denrées alimentaires, érode considérablement le pouvoir d’achat des dépôts. « L’épargne sur les ‘livrets d’épargne’ est liée à un coût d’opportunité. »
CSSF clarifies new rules for financial sector outsourcing
New rules, new details and a new terminology regarding financial sector outsourcing are being introduced by Luxembourg’s financial regulator CSSF with the presentation of its widely discussed ‹circular 22/806›. These changes, with significant consequences for the use of IT and cloud services, bring greater clarity within the regulatory framework.