Obligations in terms of the fight against money laundering and terrorist financing
16 July 2020
In the context of your obligations in terms of the fight against money laundering and terrorist financing, we would like to draw your attention to one of the new provisions of the Luxembourg law of 25 March 2020 amending the coordinated law of 12 November 2004 impacting your professional relations with a tied agent.
Indeed, when you solicit the services of a regulated tied agent , the latter is now directly subject to the coordinated law of 12 November 2004 as indicated in its article 2 relating to its scope of application.
Therefore, even if you ultimately assume full and unconditional responsibility for any action or omission by your tied agent when acting on your behalf, it is absolutely necessary to ensure that your internal policies/procedures and your mandate with the tied agent incorporate and reflect this new development in organizational and liability terms.
In addition, in order to increase the awareness of the tied agent relating to its AML obligations and possible sanctions, we recommend that you include the tied agent in any mandatory AML training organized within your company for your staff members.
We remain at your entire disposal for any further information and support in the practical implementation of this law.
Me Bernard FELTEN, Associé, Avocat à la Cour, firstname.lastname@example.org