Askender Ouazzani-Chahdi
Luxembourg, Luxembourg, Luxembourg
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Expérience
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Université Robert Schuman (Strasbourg III)
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Découvrir plus de posts
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Turkey Chapter - International Sanctions and Export Control Society
The Luxembourg financial services regulator (CSSF) has fined Fuchs & Associés Finance SA, a Luxembourg-based investment firm currently in liquidation, €785,000 for AML and sanctions compliance failings. Amongst other things, the firm is alleged to have “failed to undertake screening controls to detect [designated individuals and entities] for all clients of the trading desk” and the “screening tools were updated only once a week”. The CSSF said that these deficiencies constitute a “failure to comply with the obligation to detect these persons, entities and groups without delay”. #EUSanctions #Russia #EUCommission #ExportControl #TradeWar #TSECS #SanctionsUpdate #TurkishSociety #Sanctions #USA #OFAC #BIS #TradeUpdates #GlobalTrade #TradeCompliance #InternationalRelations #EconomicSanctions #TradeRegulations #TurkishExports #TradePolicy #SecurityMatters #ForeignPolicy #ComplianceNews #EconomicSecurity #CrossBorderBusiness
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Povilas Randis CAMS, PMP, ICA Dip(AML), CFE, CIPP-E, LL.M.
📢 📰 May 30, 2024. #AML. The European Council approved the EU’s new and final AML package, which consists of: ▶️ 6th Anti-Money Laundering Directive (6AMLD) provides national rules for supervision and powers of national AML authorities, giving them access to necessary and reliable information like beneficial ownership registers. ▶️ Anti-Money Laundering Regulation (AMLR) extends AML rules to new obliged entities, i.e. crypto-sector, traders of luxury goods and football clubs and agents. AMLR sets tighter due diligence requirements, regulates beneficial ownership and much more. ▶️ European Anti-Money Laundering Authority (AMLA) authority is set to have direct and indirect supervisory powers over high-risk obliged entities in the financial sector. 🤷♂️ The So What? ✅ This is the final step of the adoption procedure. The texts will now be published in the EU’s Official Journal and enter into force. ✅ The AMLR will apply three years after the entry into force. ✅ Member states will have two years to transpose some parts of the 6AMLD and three years for others. ✅ AMLA will be based in Frankfurt and start operations in mid-2025. 📩 Do you have any questions about the new regulations and how do they impact your business? Feel free to ask in DMs :) #AdamanoConsulting #AML | #Compliance | #riskmanagement | #moneylaundering
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2 commentaires -
Cyan Regulatory
Learning points from FINMA on the importance of robust AML controls The following announcement made by The Swiss Financial Market Supervisory Authority (FINMA) highlights how regulators may take different enforcement action against a regulated/supervised entity which can in some cases result on restrictions and/or directions being placed on the entity, such as restrictions on new business and appointment of independent auditors/reviewers. This is a timely reminder that the JFSC have powers to: 💠 Attach conditions to the registration 💠 Issue directions 💠 Require independent investigations to be carried out on their behalf. The announcement related to HSBC Private Bank (Suisse) SA and violations of Swiss money laundering regulations, in connection with banking relationships held with 2 PEPs and related to transactions carried out between 2002 and 2015. The case was deemed a serious violation of Swiss financial market law. HSBC Private Bank (Suisse) SA co-operated with FINMA’s proceedings. FINMA found that that bank had failed to: 💠 Carry out adequate checks of either the origins, purpose or background of the assets involved 💠 Sufficiently clarify and document a number of high-risk transactions 💠 Recognise the indications of ML presented by these transactions 💠 Satisfy requirements for the initiation and continuation of customer relationships with PEPs 💠 Notify the MLRO over a protracted period. A report was not filed until September 2020, after the business relationships closed in 2016 FINMA has ordered the bank to conduct a review of all the current high-risk business relationships and business relationships with PEPs, the review will be subject to monitoring by an onsite “audit agent” who is required to submit a report to FINMA. The bank now has a restriction on entering into any new business relationship with PEPs until such time as completed of the reviews has been confirmed by the audit report. https://lnkd.in/eqR229Vi
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auren luxembourg
On March 1, 2019, the law establishing the Register of Beneficial Owners (RBE) went into effect, requiring all entities registered with the Luxembourg Trade and Companies Register to declare their beneficial owners. The goal of this regulation is to increase transparency around the true ownership of entities while also combating money laundering and terrorist financing. Since the law’s enactment, the police has been conducting compliance checks to ensure adherence to RBE requirements. Non-compliance with the law is considered a criminal offense and can result in fines ranging from €1,250 to €1,250,000. Each year, the focus of these checks has evolved: •In 2022, authorities targeted commercial companies. •In 2023, attention shifted to non-profit organizations. •In 2024, the focus is on civil societies, as many have yet to fulfill their obligation to register in the RBE. #aurenluxembourg
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Investment Officer Luxembourg
🚨 Luxembourg's Chief Prosecutor Sounds Alarm on Financial Crime Delays 🚨 Martine Solovieff, Luxembourg's top criminal prosecutor, has issued a stark warning about the country's persistent struggle with financial crime investigations. In an exclusive with Investment Officer Luxembourg, she cited overwhelming caseloads and staffing shortages as key obstacles to addressing the "disastrous situation" that has plagued the system for years. With nearly 6,000 billion euros in fund assets domiciled—over 60 times its GDP—Luxembourg's rapid growth as a global investment hub has also imported financial crime activities from abroad. While efforts are underway to strengthen the judiciary, the backlog of cases remains daunting, and the international dimensions of financial crime add complexity. Solovieff’s candid remarks highlight the urgent need for judicial reform and raise questions about Luxembourg’s ability to uphold its reputation as a secure financial centre. 🏛️💼 https://lnkd.in/eedqbA49 #Luxembourg #FinancialCrime #InvestmentOfficer #JudicialReform #AML #Finance
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Chetan Sharma Rupear
🌍 Urgency in Clarifying ESG Regulations The CSSF warns that the clock is ticking for the EU to clear up ambiguities in its new green regulations. Without unified guidance from ESMA, inconsistent application across Europe could undermine confidence in green bonds and sustainable investments. 📢 The call for clear definitions, especially around key terms like "sustainable" and "meaningful," is crucial for maintaining market integrity and preventing fragmentation. 💡 What’s your take on how this might shape ESG investments? Read the full article:
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Skillsmalta
[ONLINE] Short Course: Corporate Governance & Financial Crime 21 & 23 May Session 1: Corporate Governance: From a Financial Crime Perspective This session will provide an introductory explanation of corporate governance (CG) and sound CG practices. This session will specifically refer to the Maltese Corporate Governance Code. Moreover, this session will explain how financial crime compliance fits into a firms corporate governance practices. Session 2: The Wider Spectrum of Financial Crime: the Importance of Looking Beyond AML/CFT Financial crime compliance spans further than AML/CFT. This session will provide a general outlook on different financial crime typologies and related these to how sound corporate governance practices can be leveraged to mitigate relevant risks. Instructed by: Kurt Spiteri Lucas and Eric Micallef.
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Skillsmalta
[ONLINE] Short Course: Corporate Governance & Financial Crime 21 & 23 May Session 1: Corporate Governance: From a Financial Crime Perspective This session will provide an introductory explanation of corporate governance (CG) and sound CG practices. This session will specifically refer to the Maltese Corporate Governance Code. Moreover, this session will explain how financial crime compliance fits into a firms corporate governance practices. Session 2: The Wider Spectrum of Financial Crime: the Importance of Looking Beyond AML/CFT Financial crime compliance spans further than AML/CFT. This session will provide a general outlook on different financial crime typologies and related these to how sound corporate governance practices can be leveraged to mitigate relevant risks. Instructed by: Kurt Spiteri Lucas (MFSA) and Eric Micallef (MFSA)
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AML/CFT Compliance Solutions by Diligex
The Financial Intelligence Analysis Unit (FIAU) Malta has issued an updated Guidance Note on AML/CFT obligations in relation to payment accounts with basic features replacing the previous Guidance note of 15th October 2018. The FIAU highlights it includes: ✔️Updated sample documents that have been issued by the relevant authorities the 2018 document ✔️Red flags that credit institutions to look out for while carrying out ongoing monitoring obligations ✔️EBA Guidelines and other relevant FIAU Guidance Notes references ✔️Other linguistic amendments Download and read through the link under 'Financial Services' Section: https://lnkd.in/d2fqhVmR
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CURENTIS AG
🚨 BGL BNP Paribas fined €3 million by CSSF for breach of AML rules The Luxembourg financial supervisory authority CSSF has imposed a fine of €3 million on BGL BNP Paribas, marking one of the highest fines ever imposed by the Commission de Surveillance du Secteur Financier (CSSF). The CSSF considered "the number, intensity, and duration of the offences" when determining the penalty amount and acknowledged the bank's cooperation and corrective measures during the investigation. The fine pertains to "a limited number of dossiers for a group of connected clients" that were inadequately monitored, posing higher risks of money laundering and terrorist financing. The CSSF highlighted that the bank's due diligence regarding the origin of the funds was "inadequate." One of the clients involved is reportedly the former governor of the Banque Central du Liban, Riad Salameh. Due to a "lack of vigilance," BGL BNP Paribas failed to timely inform the Cellule de Renseignement Financier (CRF) about "suspicious activities and/or transactions," despite negative press reports about certain clients with Pep status. The bank also violated laws by terminating some business relationships despite suspicions of money laundering, allowing customers to transfer assets without prior notification to authorities. Furthermore, some clients were informed about account freezes by employees, constituting a serious breach of anti-money laundering legislation. BGL BNP Paribas stated it had taken immediate actions to address the breaches identified by the CSSF. A spokesperson confirmed that the bank has fully cooperated during the investigation and implemented corrective measures, including a comprehensive action plan. 🔍 Want to know more about Pep Status, Enhanced Due Diligence, Exit Protocol, or suspicious activity reports? Our consultants are eager to answer your questions! 📧 [email protected] #Compliance #AML #Banking #FinancialRegulation #RiskManagement #Luxembourg #BNPParibas #FinancialCrime #DueDiligence #RegulatoryCompliance #AntiMoneyLaundering #FinancialServices #CorporateGovernance #BankingIndustry #FinancialSupervision
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CURENTIS Luxembourg SARL
🚨 BGL BNP Paribas fined €3 million by CSSF for breach of AML rules The Luxembourg financial supervisory authority CSSF has imposed a fine of €3 million on BGL BNP Paribas, marking one of the highest fines ever imposed by the Commission de Surveillance du Secteur Financier (CSSF). The CSSF considered "the number, intensity, and duration of the offences" when determining the penalty amount and acknowledged the bank's cooperation and corrective measures during the investigation. The fine pertains to "a limited number of dossiers for a group of connected clients" that were inadequately monitored, posing higher risks of money laundering and terrorist financing. The CSSF highlighted that the bank's due diligence regarding the origin of the funds was "inadequate." One of the clients involved is reportedly the former governor of the Banque Central du Liban, Riad Salameh. Due to a "lack of vigilance," BGL BNP Paribas failed to timely inform the Cellule de Renseignement Financier (CRF) about "suspicious activities and/or transactions," despite negative press reports about certain clients with Pep status. The bank also violated laws by terminating some business relationships despite suspicions of money laundering, allowing customers to transfer assets without prior notification to authorities. Furthermore, some clients were informed about account freezes by employees, constituting a serious breach of anti-money laundering legislation. BGL BNP Paribas stated it had taken immediate actions to address the breaches identified by the CSSF. A spokesperson confirmed that the bank has fully cooperated during the investigation and implemented corrective measures, including a comprehensive action plan. 🔍 Want to know more about Pep Status, Enhanced Due Diligence, Exit Protocol, or suspicious activity reports? Our consultants are eager to answer your questions! 📧 [email protected] #Compliance #AML #Banking #FinancialRegulation #RiskManagement #Luxembourg #BNPParibas #FinancialCrime #DueDiligence #RegulatoryCompliance #AntiMoneyLaundering #FinancialServices #CorporateGovernance #BankingIndustry #FinancialSupervision
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PwC's Academy Luxembourg
📅Our next session about the Luxembourg regulatory framework will deal with understanding the characteristics of support and specialised #PFS, #CSSF's supervision methods, relevant #regulations and their impacts, internal governance mechanisms, and Luxembourg standards and practices. 📒If you want to learn more, click on the link below to register: ➡https://lnkd.in/eEw6zkUv Cécile Liégeois | Isabelle Melcion-Richard #pfs #regulatoryframework #internalgovernance #luxembourg #training
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Chris Potts
Luxembourg, CSSF - todays updates...Important Circular CSSF 19/732 (telle que modifiée par la circulaire CSSF 24/861) Prevention of Money Laundering and Terrorist Financing: Clarifications on the Identification and Verification of the Identity of the Ultimate Beneficial Owner(s) https://lnkd.in/euNP9_m5 Circular CSSF 24/861 amending Circular CSSF 19/732 of 20 December 2019 on the Prevention of Money Laundering and Terrorist Financing: clarifications on the Identification and Verification of the Identity of the Ultimate Beneficial Owner(s) https://lnkd.in/enme_kUs To stay updated with regulatory & legal change, subscribe to Reg-Intel @ illumini.ai......Reg-Intel includes 900+ live, direct from regulator, feeds, updating intra-day, covering 11 sectors of financial services covering 200+ countries and 600+ regulators. Reg-Intel includes a fully enabled advisory AI and a live global, original document law & regulation repository for you to access, whether on your desk top or on the go via the app. Subscriptions are £12pp/pm #Luxembourg #CSSF #AML #CFT #KYC #KYE #KYB #Compliance #MLRO #Risk #DPO #Financialservices
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ABILWAYS Luxembourg
Conference] Anti-Money Laundering & practical questions 🗺️ #Luxembourg or #online 📅 5th December 2024 📝 https://lnkd.in/enHk9QQ5 The purpose of this new edition is to focus on several hot topics: - Joint AML/CFT onsite visits led by both the Commission de Surveillance du Secteur Financier (CSSF) and the #AED. - All the latest rules of AML requirements for lawyers, TCSPs and real estate agent professionals in sectors such as real estate, law and #accountancy - What do you need to know about asset freezing? - AML package lastest trends - What should you know about #MiCA? - Lastly but not least, we will run a #roundtable discussion on all the hot topics for funds managers. How can professionals navigate forthcoming challenges successfully? Speakers: Anna Roehrs, CAMS, Christian Schaack, François P., Michel TURK, Cécile Moser, Oumou BA, Christophe Bécue, Giovanni Cataldi, Alice Lehnert, CAMS 🗺️ #Luxembourg or #online 📅 5th December 2024 🖋️ Registration: https://lnkd.in/enHk9QQ5 cc Amélie Bry, Stéphanie Leroy Farasse, Donatella Storelli
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Steve Watson
#Regulation of #CryptoAsset Activities "the Authority has decided to maintain the current approach under the DBROA15, but to keep the matter under review. The Authority #iomfsa will continue to monitor developments in #internationalstandards and #regulatory #frameworks in other jurisdictions." #isleofman #iom #iomfsa https://lnkd.in/eAdJ4Ru8
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Povilas Randis CAMS, PMP, ICA Dip(AML), CFE, CIPP-E, LL.M.
📢 📝 November 14, 2024. #Sanctions #Screening #CASP #PSP. European Banking Authority (EBA) published two final Guidelines setting common EU standards for financial institutions (FIs) and CASP on their governance arrangements, policies, procedures and controls to comply with Union and national restrictive measures. Guideline EBA/GL/2024/15 specifically focuses on the implementation of effective screening system. 🔍 Key takeaways on EBA/GL/2024/15. FIs and CASPs should: ▶️ Use their restrictive measures risk assessments to assess and validate the screening system they are using. ▶️ Adapt their policies, procedures and controls, including screening systems to the size, nature and complexity of the financial institution, and to its restrictive measures exposure. ▶️ Consider whether they have access to the resources necessary to use their chosen system effectively when taking a decision on their screening system. ▶️ Carry out a review of the used screening system at least once per year and immediately should they have grounds for concern that the system may not be fit for purpose. ▶️ Understand and document the screening system’s capabilities and limitations. ▶️ Be able to demonstrate to their competent authority that their screening system is adequate. 🤷♂️ The So What? FIs and CASPs should: ✅ Assess the adaptability of their current screening system. ✅ Establish the necessary documentation to comply with the Guidelines. 📩 Do you need help with the assessment of your screening system? Adamano can help you, so feel free to reach out to me via DMs :) #AdamanoConsulting #MiCA | #CASP | #Compliance | #Crypto | #Financialinstitutions | #EBA
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Forvis Mazars in Luxembourg
[#RegCentre] The creation of the Anti-Money Laundering and Countering the Financing of Terrorism Authority (#AMLA) can greatly improve financial crime supervision, however, challenges remain inevitable and a consistent, risk-based and innovative AML/CFT approach is essential. This piece highlights key lessons from other jurisdictions to inform its strategies. Discover more on our #LetsTalkFS blog: https://lnkd.in/eNBGiPDZ Subscribe to our quarterly newsletter to explore our latest global financial regulatory developments: https://lnkd.in/egiBa5pA #AML #CFT #FIUs #EU #financialcrime #antimoneylaundering
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CMTA
We are pleased to release a new and updated version of CMTA's Digital Assets – AML Standards: https://lnkd.in/e-tGdQ59 The AML Standards provide guidance for financial intermediaries and issuers of digital assets on a risk-based approach, for compliance with Swiss AML regulations. This update reflects developments since 2018, particularly around the travel rule. The Standards are now comprised of two documents addressing separately: 👉 AML Standards for Issuers: https://lnkd.in/eAD3bGeu 👉 AML Standards for Financial Intermediaries: https://lnkd.in/e3auY7F8 By providing an example risk-based approach, the AML Standards aim to offer a practical toolkit on which issuers and financial intermediaries may base their own AML/CFT procedures. Thanks to everyone who helped contribute to the update, whether in the drafting, review or consultation stages. In particular CMTA would like to thank the members of the working group Jeremy Bacharach, Ken Bernheim, Magdalena Boškić, Fabian Courtine, Biba Homsy, Pavel Kulikov and Fedor Poskriakov. #aml #digitalassets #cft
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Faculté de Droit, d’Économie et de Finance - Université du Luxembourg
In a recent Luxembourg for Finance webinar, Stanislaw Tosza detailed upcoming key changes in the EU’s AML framework. These amendments include the creation of a new anti-money-laundering authority (Amla), consistent EU-wide #regulations, and intensified powers for financial intelligence units. These actions aim to reinforce the fight against money laundering and terrorist financing across the #EU. 🔗 Read the full article by following this link: https://lnkd.in/e5JwZCA2 #AML #Compliance
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