Anti-Money Laundering training “be ready for upcoming deadlines”

On May 22nd 2019 CREOBIS organised the second version of the Anti-Money Laundering training “be ready for upcoming deadlines”.

This second version followed the successful multilingual version early this year.

Participants debated matters from a regulatory point of view, criminal typologies, new tools, and data management to important tips from supervisory bodies.

We have been approached by the organiser to give a free tasting of the event.

Herein, we will try to summarise in 2 ideas maximum a few key messages from each speaker.

  1. The implementation of the 4th AML Directive is almost finished in Luxembourg, nonetheless, several regulatory aspects will require immediate clarification as Luxembourg decided to go far and beyond in some rules.
  2. A clean up of existing rules and regulations will prevent a potential set of incoherent or duplicated obligations, making the system more understandable for practitioners and new obliged entities.

Mr. Pouliquen Thierry (Lawyer and law firm partner)

1. Is here and is now, regulatory changes, tighter oversight and the sophistication of the risk-based approach are the present and the future of supervision in Luxembourg.

2. Currently, the regulators are working in a general update of the pre 4th AML implementation framework to check coherence and to create a harmonised set of obligation.

Mr. Patrik Wagner (Head of On-site inspections CSSF):

  1. Transaction monitoring requires handling data and making the relevant data available and structured. Manual is not an option from transaction monitoring.
  2. It is fundamental to understand, implement and address the two main areas of an effective transaction oversight system
  • Transaction screening, which refers to produce list matching for sanctions and
  • Transaction monitoring, which refers to the use of rules, aggregators and KYC information in order to identify unusual and suspicious transactions in a given profile.

Mr. Michael Weis (Forensic Services Partner and Financial Crime Leader at PwC Luxembourg)

  1. Technology is a tool for compliance, and therefore new tech skills are needed into compliance departments.
  2. Two of the top risk identified by the FATF and the EU when addressing compliance effectiveness are
  • Lack of relevant knowledge and human capital expertise and
  • poor management implication. Ticking the box is gone, the fastest an organisation understands it, the smother change will pass.

Jaime Prieto (Chief Compliance and Risk Officer, Data Protection officer, Money laundering reporting officer)

  1. AML is one of the must data intrusive frameworks in the EU, therefore a number of mismatches and clashes exist when complying with both rules. Furthermore, how data privacy will be fully implemented?
  2. The fact of having collected data from public sources does not change the nature of the data, and therefore, the rights of the data subject and the obligations applicable to controllers and processors.

Mrs. Anne-Sophie Morvan (IP and data protection Lawyer)

  1. The National Risk assessment is a key piece of the AML Luxembourg framework and is to be incorporated in the risk assessments of each and every obliged entity.
  2. When performing KYC (or Due diligence in every relationship) tow points are key
  • understand the structure and its rationale and
  • The dedicate time to properly understand the documents delivered and their content as many clues and suspicions are linked to the structuring of the operation.

Mr. Max Braun (Director FIU Luxembourg)

  1. Rules form tax avoidance are still improving and being implemented, nonetheless, the fear from obliged entities or the misunderstanding of such rules, create limitations to clients, far over the existing rules.
  2. Belgium constitutional higher court accepted not to have a detailed definition regarding the specifics of tax crimes. This implies a larger space for interpretation.

Mr. Arnaur Lecocq (Lawyer, lecturer and judge)

  1. The register of beneficial owners has been created in Luxembourg including drastic fines for non-compliance. Some of the rules imposed require immediate clarification when dealing with more advanced cases such as funds (as they are obliged entities for registering purposes), while fines have same or even more strict punishment to professionals than criminals.
  2. Further registers are to come, making data available on a massive scale to the public, maybe in disregard of other rules and regulations. At the same time, the use of the data from the register is not quite clear, as professionals cannot rely on it. All the summaries are based on my experience attending the event and do not quote in particular sentences produced by the speakers.

Mr. Pouliquen Thierry (Lawyer and Law firm partner)


Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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