Blog

CSSF: FAQ on Circular CSSF 24/856

Last Updated on May 30, 2025 by Arnaud Collignon

“`html

FAQ on Circular CSSF 24/856

The Commission de Surveillance du Secteur Financier (CSSF) has published a comprehensive FAQ regarding Circular CSSF 24/856. This document aims to provide clarity on various aspects of the circular that impacts financial service providers in Luxembourg. Below, we summarize the key points from the FAQ.

Overview of Circular CSSF 24/856

Circular CSSF 24/856 outlines the regulatory framework for anti-money laundering (AML) and counter-terrorism financing (CTF)

Key Highlights

  • Applicability: The circular applies to all financial institutions and professionals subject to the CSSF’s supervision.
  • Risk Assessment: Institutions must conduct thorough risk assessments to identify and mitigate potential AML/CTF risks.
  • Customer Due Diligence: Enhanced due diligence is required for high-risk customers, involving additional verification steps.
  • Training Requirements: Staff training on AML/CTF is mandatory to ensure compliance and awareness of the regulations.

Important Compliance Obligations

Financial institutions must adhere to the following obligations:

  • Implement and maintain an effective internal control system.
  • Report suspicious transactions to the relevant authorities.
  • Keep comprehensive records of customer due diligence measures.

Resources for Further Information

For more detailed information, please refer to the following links:

By adhering to the guidelines outlined in Circular CSSF 24/856, financial institutions will not only comply with legal requirements but also contribute to the integrity of the financial system in Luxembourg.

“`