AML/CFT: a possibility to perform a large scale remediation with limited resources?
Financial Services - connected?
Understanding the challenges and breaking old habits.
Financial institutions, PSFs5, and other instances in scope of the Law of 12 November 2004, as amended, are required to have procedures in place to mitigate the risk(s) that their clients represent in relation to money laundering and terrorist financing. To comply with the latest applicable Luxembourg rules and regulations, including applicable CSSF6 and CRF7 circular letters and guidelines, concerned instances are required to obtain and verify information about their clients to demonstrate their awareness of the client, their business as well as the risk the client poses.