Insights
Delegate due diligence and Circular CSSF 18/698
A fund that hands anti-money laundering work to a delegate keeps the responsibility for it. The AMLR and the Luxembourg texts Keltes holds say how. The CSSF circular usually named on the subject has not yet been verified.
The AMLCO's report in Belgium and Article 11 of the AMLR
On our reading of Belgian law, which is not yet verified, Belgian financial firms already have an AMLCO. The AMLR sets an EU rule for the compliance officer's yearly report from July 2027. What Belgian law requires today is still being verified, so this article says only what is certain.
The AMLR timeline: the dates in the text
Every date below is quoted from Regulation (EU) 2024/1624 or from Directive (EU) 2024/1640. Where the texts give no date, neither do we.
The RC's summary report, its deadline and Circular CSSF 24/854
Luxembourg already asks the RC for a yearly summary report. The texts Keltes holds say who writes it, who receives it and, in some cases, when it is due. Keltes holds the founder's copy of the CSSF circular on the report, but has not yet verified it.
The RR and the RC under Article 11 of the AMLR
Article 11 of the AMLR names two compliance roles. Luxembourg texts already require two such roles of firms the CSSF supervises, and Belgian law, on our reading, which is not yet verified, does too. What matters is how the conditions compare, and part of that is still to be checked.
What Article 18(3) of the AMLR keeps inside the firm
A service provider or a software tool may help with most AML/CFT work. Six tasks stay with the firm, with narrow exceptions for FIU reporting within a group and for some funds, and the firm stays fully liable for what it outsources.