The CSSF has all the supervisory and investigatory powers provided for in the Law of 12 November 2004 on the fight against money laundering and terrorist financing (“AML/CTF Law”) and in various sectorial laws for the purpose of carrying out its duties. The AML/CTF supervision (off-site and on-site supervision) by the CSSF is organised pursuant to the principles of a risk-based approach that takes into account the money laundering and terrorist financing risks to which the supervised entities and the sectors at large are exposed to. Moreover, the CSSF can also exchange information with other AML/CTF competent authorities, on a national or on an international level.
These two authorities are authorised to exchange information necessary to perform their respective duties. The CSSF, in turn, cooperates closely with the FIU. Professionals are required to fully cooperate with the CSSF as well as the Financial Intelligence Unit (FIU) with respect to AML/CTF. Moreover, the CSSF ensures that persons maintaining relationships with organised crime, including, inter alia, those committing money laundering or terrorist financing offences, cannot take control, in any form whatsoever, over persons subject to its supervision. The CSSF ensures that professionals implement a risk-based approach in order to allocate the appropriate means and resources to the customers and products which represent higher risks.
#Sound cloud money counter registration
Within the framework of its statutory mission, the CSSF is in charge of ensuring that all the persons subject to its supervision, authorisation or registration comply with the professional AML/CTF obligations.
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