FATF Methodology: technical compliance and effectiveness of the AML / CFT systems

ABBL Published 15.03.2019

On 12 March 2019, the ABBL organised a conference on “the FATF Methodology: technical compliance and effectiveness of the AML / CFT systems”.

Considering the forthcoming evaluation of Luxembourg by FATF in Q4 2020, the conference was aiming at giving the professionals the keys to understand the FATF methodology as regards technical compliance and effectiveness of the AML / CFT systems.

After a welcome by Catherine BOURIN, Marco ZWICK, Director at the CSSF, gave a short introduction, leaving the floor to Jacqueline AREND (conseiller at the CSSF) who gave the key messages to understand how the professionals should get prepared to the assessment:

  • they have to understand the risks linked to their activities;
  • they have to be able to prove that they adopt mitigating measures considering these risks;
  • they have to demonstrate that they have the relevant procedures and adequate internal organisation designed to take into account these risks;
  • they have to report suspicious transactions.

Because cost of non-compliance is higher than compliance, the CSSF strongly emphasised that the AML risks were to be considered as top priorities.

This ABBL conference, which was the third one since December 2018 on AML matters, was fruitful and enabled the professionals to benefit from clear and concise information conveyed by the CSSF.

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