Luxembourg financial regulator orders foreign branches to report AML setup every year
06/01/2023
Circular CSSF 22/827 The Commission de Surveillance du Secteur Financier (CSSF) has ordered that from this year, Luxembourg branches of investment firms and financial institutions headquartered elsewhere in the EU will have to ask their auditors to produce an independent report on measures taken to prevent money laundering and the financing of terrorism.
Circular CSSF 22/827
Re: Update of Circular CSSF 07/325 as amended by Circular CSSF 21/765 on provisions relating to credit institutions and investment
firms of EU origin established in Luxembourg by way of branches or exercising activities in Luxembourg by way of free provision of
services - Luxembourg, 23 December 2022 - https://www.investmentofficer.lu/sites/default/files/2023-01/cssf22_827eng.pdf
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.