New AML/CFT measures for unregulated AIFs in Luxembourg Author: Ganado Advocates Published on October 21, 2022 The Luxembourg tax authorities (Administration de l’enregistrement, des domaines et de la TVA) (the “AED”) as the supervisory authority of “other financial institutions” in accordance with the Law of 12 November 2004 on the fight against money laundering and financing of terrorism, as amended (the “AML Law”) has recently published new material on their website regarding the anti-money laundering and counter financing terrorism (“AML/CFT”) supervision of unregulated Luxembourg alternative investment funds (“AIFs”), excluding reserved alternative investment funds (“RAIFs”). In line with the above, the AED has pronounced itself as follows: Obligation to appoint both AML RR and AML RC for all AIFs. The AED has published FAQs on the persons involved in AML/CFT for a Luxembourg AIF supervised by the AED for AML/CFT purposes, imposing such appointment. This appointment must be done by the management body of the AIF (i.e. board of the GP acting on behalf of the AIF, board of managers, board of directors). AIFs must submit an AML RR and AML RC identification form. This form will have to be transmitted upon initial appointment of the AML RC and AML RR and in the event of any change in the AML RC and RR functions, together with the signed documents recording these appointments and/or changes. AIFs must have a complete AML/KYC framework in place in accordance with the AML Law, the Grand Ducal Regulation of 1 February 2010, as amended, and the AED guidelines. AIFs must submit an AML/CFT questionnaire on an annual basis, pursuant to their obligation to cooperate with the authorities in accordance with article 5 of the AML Law. This questionnaire must be transmitted by the AML RR, but nevertheless can mandate the AML RC to transmit the questionnaire. Certain AIFs have received an invitation letter from the AED to promptly submit the AML RC and AML RR identification forms and AML/CFT questionnaire for the financial year ending 31 December 2021, no later than 12 November 2022 CoB. Although the rest of the AIFs will receive a similar communication, they are encouraged to anticipate the transmission of the above documents. Get in touch with our team in Luxembourg should you have any questions or need any assistance regarding the new AML/CFT measures. The article was authored by Georgia Milne Aboitiz. Go back