Transcription of CIRCULAR CSSF 19/732 Identification and Verification of ...
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CIRCULAR CSSF 19/732 Identification and Verification of ...
Luxembourg, 20 December 2019 To all professionals under AML/CFT supervision of the CSSF CIRCULAR CSSF 19/732 Re: Prevention of Money Laundering and Terrorist Financing: Clarifications on the Identification and Verification of the Identity of the Ultimate beneficial Owner(s) Ladies and Gentleman, 1. The purpose of this CIRCULAR is to provide guidance to all professionals subject toAML/CFT supervision of the CSSF in relation to the legal requirements applicable tothe Identification and Verification of the identity of the ultimate beneficial owner with aview to enhancing financial concept of ultimate beneficial ownership1 (hereinafter referred to also as UBO)is not novel as the term beneficial owner already appeared in the first anti-moneylaundering directive dating from Yet, said first anti-money laundering directivedid not define the concept of beneficial owner and contained little detail on the relevantprocedures with regards to customer Identification and Verification obligations includingof beneficial owners (know your customer).
to help detect potential concealment of beneficial ownership information. I. Identification of the Ultimate Beneficial Owner 1. General Considerations 9. An ultimate beneficial owner is anatural person who ultimately owns or controls the customer or on whose behalf a transactionor activity is being conducted.In case of a
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