CSSF Warns Financial Sector Professionals: Stay Vigilant on International Sanctions
Luxembourg, March 17, 2022
The Commission de Surveillance du Secteur Financier (CSSF) has issued a stern warning to financial sector professionals in Luxembourg to remain vigilant in their efforts to comply with international financial sanctions. As the financial regulator of Luxembourg, the CSSF emphasized that it is crucial for professionals under its supervision to effectively monitor the implementation of financial restrictive measures and take necessary actions to prevent any breaches.
Key Takeaways
- Financial sector professionals must stay vigilant in complying with international financial sanctions
- Professionals are required to freeze assets and refrain from making transactions with individuals or entities subject to international financial sanctions
- Suspicious transactions must be reported promptly to the relevant authorities via the goAML platform
- Professionals must identify suspicious transactions, including those related to money laundering or terrorism financing
CSSF Powers and Responsibilities
The CSSF has outlined its powers in supervising professionals under its remit for compliance with international financial sanctions. According to a series of frequently asked questions (FAQs), the agency has the authority to:
- Investigate non-compliant entities
- Enforce compliance measures
- Sanction non-compliant entities
- Access any documents or information deemed necessary
Obligations and Responsibilities
Financial sector professionals are reminded of their obligations when dealing with clients subject to international financial sanctions. These include:
- Freezing assets
- Refraining from making transactions with such individuals or entities
- Reporting suspicious transactions promptly to the relevant authorities via the goAML platform
FAQs and Additional Guidance
The CSSF’s FAQs also addressed questions on the existence of a consolidated list comprising all persons and entities subject to international financial sanctions, as well as what professionals should do when identifying a suspicion of money laundering or terrorism financing in addition to their client being subject to international financial sanctions.
Staying Up-to-Date
The agency urged financial sector professionals to stay up-to-date with the latest developments in relation to international financial sanctions, which can be found on its website.
Contact Information
Commission de Surveillance du Secteur Financier (CSSF) 283, route d’Arlon L-2991 Luxembourg Phone: (+352) 26 25 1 - 1 Email: direction@cssf.lu Website: www.cssf.lu/en/