Luxembourg Implements Fourth EU AML Directive

April 04, 2018
Financial Services Quarterly Report: First Quarter 2018

The EU AML4 Directive – a directive aimed at combatting money laundering and terrorist financing – has finally been transposed into Luxembourg law, several months after the June 2017 deadline for its implementation, through the entry into force of a law amending the Luxembourg AML Law. The AML Law now sets out new requirements relating to, inter alia, the due diligence obligations for all professionals subject to the AML Law. The legal framework is generally more rigorous, and professionals are subject to increased sanctions in the case of non-compliance. The consultation ended on 19 March 2018. The proposals are intended to create new opportunities and foster financial innovation in the market, and to align the regulatory regime with international standards, including recommendations from IOSCO and the Financial Stability Board.

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