The Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF) released guidance on the implications of COVID-19 for AML/CFT risks, and mitigating actions. It also outlines CSSF’s approach to AML/CFT supervision.
CSSF highlights insider trading and marking manipulation as particular risks, along with cyber risks including fraud and data theft.
CSSF advises AML/CFT professionals to check in with their business and remind them of current risks and obligations. CSSF suggests new ways may be used to identify and verify customers, but reminds professionals that GDPR must still be taken into account.
The guidance also includes a useful illustrative scenario and risk assessment 'quiz' to help regulated entities assess impacts.
Authors
Stay Up To Date with Ropes & Gray
Ropes & Gray attorneys provide timely analysis on legal developments, court decisions and changes in legislation and regulations.
Stay in the loop with all things Ropes & Gray, and find out more about our people, culture, initiatives and everything that’s happening.
We regularly notify our clients and contacts of significant legal developments, news, webinars and teleconferences that affect their industries.