Real estate is a high-risk sector for money laundering: large values, time-pressured closings, cross-border parties, and layered ownership through SPVs or trusts. Agents, brokers, notaries, and lawyers are therefore expected to perform robust anti-money laundering (AML) screening before completion. This guide explains how to apply PEP and sanctions checks effectively and how to document results […]
Following the suspension of public access to the Register of Beneficial Owners (RBE) imposed by the judgment dated 22nd November 2022 by the Court of Justice of the European Union (CJEU), the involved and responsible parties (the Luxembourg Business Registers (LBR), the Ministry of Justice and the State Information Technology Centre) have finally found a […]
The Luxembourg Ministry of Justice has announced the temporary suspension of the online consultation of the RBE (Register of Beneficial Owners – UBO – in french “Registre des Bénéficiaires Effectifs“) after just a few hours from the ruling of the Court of Justice of the European Union (CJEU) on the illegality of the register. The […]
Performing AML checks only at onboarding leaves a dangerous gap. Clients can be added to sanctions lists, take up new political roles, or appear in negative press at any time. Without ongoing monitoring, firms risk missing crucial changes until the next scheduled review. This article explains why continuous screening is essential, what sources to include, […]
In the Circular CSSF 20/742 – AML/FT the CSSF aims to draw the attention of professionals of the financial sector to the major changes that the two laws of March 25, 2020 bring to the system of fight against money laundering and terrorist financing (“AML/CFT”) applicable to the Luxembourg financial sector as provided for by the […]
Independent financial advisors and consultants play a critical role in guiding clients through investments, pensions, and wealth management. But like banks and auditors, they are subject to strict anti-money laundering (AML) obligations. This article explains how small advisory firms can meet AML screening and monitoring requirements without overwhelming resources, while keeping client trust intact. 1) […]
Customer Due Diligence (CDD) has become an essential part of running a business today. The Internet is an indispensable tool for getting your name out in the world of commerce and customers may come from any corner of the world and never even meet you. This is why it is important to know who you […]
In today’s world, procedures relating to anti-money laundering have become part and parcel with correct and careful business practice. According to a study conducted by the United Nations Office on Drugs and Crime, it is estimated that, in 2009, proceeds generated by drug trafficking and organised crimes amounted to 3.6% of the global GDP, with […]
In simple terms, money laundering is the process in which criminals make dirty money appear to be clean. Criminals launder money for three reasons. First, money is the lifeblood of any organization which engages in criminal activity for financial gains. Money is required to maintain a good relationship with corrupt officials, a buy-out from situations […]
In recent years the growth within the blockchain / cryptocurrency industry has been phenomenal. Following the hike in the value of cryptocurrencies that happened in 2017 we have been seeing new blockchain businesses sprouting like mushrooms all over the globe. According to Forbes, the global blockchain market is anticipated to grow to over USD60 billion […]