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By Anne-Sophie MORVAN, LUXHUB, Business Development Manager
On 10 September the so-called “IBAN register” obligation entered into force in all EU Member States. In several Member States, such a register already existed for various purposes. In other countries, such as Luxembourg, this was not the case. This IBAN register, as implemented by Luxembourg legislator in its Law of 25 March 2020 and CSSF Circular 20/747, will thus bring some fundamental changes in Luxembourg. One the one hand, on the way how supervision is performed, and on the other, on the way how reporting must be carried out.
Background
The “IBAN register” has been introduced by the AML V Directive (“AMLD V”). Pursuant to this Directive, Member...
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