Agefi Luxembourg - mars 2025

AGEFI Luxembourg 20 Mars 2025 Fonds d’investissement A s part of itsmission ofmonito- ring and control in the area of Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT), the Administration de l’En- registrement, desDomaines et de la TVA (AED) has reinforced itsAML/CFT re- porting obligations to include all unregulated alternative in- vestment funds (AIFs) in Luxembourg.While AML requirements are not new, theAEDhas si- gnaled a stronger commit- ment to enforcement in 2025, including increased follow-up, penalties, and fines for non-compliance. In 2025, all unregulatedAIFs supervised by theAED must adhere to the reporting obligations with new deadlinetosubmitthe ResponsableduContrôle (RC)re- portbytheendofJune.TheAEDalsomakesavailable respective documentation such as the AML/CFT Questionnaire and supporting guide as well as al- ready knownAIFRC-RR identification forms. SmallerAIFs and RAIFs, which often lack dedicated compliance resources, may therefore face significant challengesknowingthatitalsoobligatesthemtohave in place adequateAML/CFT policy and procedures, anAML/CFTriskappetitestatement,analysisofbusi- nessexposureandmitigationmeasures,andadefined risk-based approach. ThisarticleprovidesclarificationsabouttheAED’sex- pectations,includingkeydeadlinesandpracticalsteps to ensure compliance in this heightened regulatory environment. TheAED’s ExpandedSupervisoryMeasures The AED has recently emphasized stricter enforce- ment for all funds in scope of AED supervision, re- flecting the growing importance of AML/CFT complianceinthealternativeinvestmentsector.Other unregulated AIFs must now comply with similar stringentreportingrequirementsasthosealreadyap- plicable toRAIFs. This alignswith international stan- dards and aims to address emerging risks associated with alternative investments, such as complex struc- tures, cross-border activities, and exposure tohigher- risk jurisdictions. By submitting the RC Report andAML/CFT Ques- tionnaireontime(withcontentnowalignedbetween the two), unregulated AIFs will expose their AML/CFT framework and ability to manage AML/CFT risks effectively. For smaller funds, it would impose proactive planning, strategic re- sources allocation, and leveragingexternal expertise to navigate the complexities of AML/CFT compli- ance effectively. Key FilingDeadlines for RCReport andAML/CFTQuestionnaire 2025 The AED has introduced distinct and official dead- lines for RAIFs and other unregulated AIFs for the submission of the RC Report andAML/CFT Ques- tionnaire (which now foresees questions on terrorist financing (TF) in its updatedversion). For RAIFs: 31May 2025. ForOtherUnregulatedAIFs: 30 June 2025. Latesubmissionsmayresultinpenaltiesorregulatory scrutiny.SimilarpenaltiesimposedbytheCSSF (Com- mission de Surveillance du Secteur Financier ) for AML/CFTviolationstypicallyrangebetween€10,000 and €15,000. KeyDocuments forAll UnregulatedAIFs Each RAIF andAIF is required to submit the follow- ingdocuments: 1.AsignedRCReportonAML/CFTpurposesforthe year under review 2. An AML/CFT Questionnaire (to be submitted by theRR) 3. The formappointing theRRandRC 4. Evidence (such as Board of Directors’ minutes) showingtheRRandRCwereappointedthroughde- cision atmanagement’s level As a reminder, FAQs are available (AEDwebsite) to provideguidelinesregardingtheaforementionedap- pointments. Understanding theRCReport The RC is tasked with ensuring that the fund’s AML/CFTpoliciesandproceduresareuptodateand compliant with Luxembourg regulations. This in- cludes conducting regular audits, reviews, and risk assessments to identify and mitigate potential AML/CFT risks. For RAIFs and non-regulated AIFs, the RC Report must be tailored to reflect the specific risks and com- pliancemeasures applicable to these entities. This in- cludes addressing the unique characteristics of alternative investments, such as their complex struc- tures, cross-border activities, and potential exposure tohigher-risk jurisdictions. According to the guidelines set forth by the AED’s website, theRCReportmust include: 1. The correct name of the RAIF and Registre de Com- merce et des Sociétés (RCS) number 2. The results regarding the identification and assessment of AML/TF risks with separate risk assessments for meas- ures taken tomitigate these risks, and the RAIF’s tolerance level for AML/TF risks 3. The results of duediligencemeas- uresperformedonclients, initiators of the RAIF, portfolio managers (towhommanagement has been delegated) and investment advi- sors, including ongoing due diligence (ODD) 4. The results of enhanced due diligence (EDD) performed on intermediaries acting on behalf of their clients, includingODD 5.TheresultsofEDDmeasureson individuals identified as politi- cally exposed persons (PEPs) under theprovisions ofArticle 3- 2 (4) (d) of theAML/CFTLaw. 6.Theresultsofduediligencemeasuresper- formed on the assets of the RAIF, includingODD 7. Themonitoring of blocked positions at the level of theregistersofbearersharesoftheRAIFand/orinter- mediaries involved in themarketing of theRAIF 8.Theperiodicreviewofanybusinessrelationshipac- cording to its risk level 9.Theresultsofcontrolsperformedonthecompliance of delegated services rendered by third parties (incl. adherencetolegal,regulatory,andcontractualprovi- sions).Ifapplicable,thereasonsforselectingnewthird parties during the year should also be detailed 10.Thestatisticalbackgroundofidentifiedsuspicious transactions, incl. the number of reportsmade by the RAIF to the Luxembourg Financial Intelligence Unit (FIU) and amount of related funds 11.Thestatisticalbackgroundofreportedtransactions withintheframeworkoffinancialsanctionsrelatedto TF, as well as those linked to the implementation of UnitedNations SecurityCouncil resolutions andacts adopted by the European Union, and amount of re- lated funds 12. Number of Breaches of Professional Obligations tobe specified. If none, thismust be explicitly stated (1) Completing theAML/CFTQuestionnaire TheAML/CFTQuestionnaire covers awide range of topics, including client due diligence, internal organ- ization, and cooperationwith authorities, as outlined in the AED’s updated guidance for RAIFs (March 2023) andalignedwith theAML/CTFLawandCSSF AML framework. For RAIFs and non-regulated AIFs, the AML/CFT Questionnairemustbecompletedwithafocusonthe unique risks associatedwith alternative investments. This includes addressing issues such as: -Theuseofintermediariesandtheircompliancewith AML/CFT regulations - The complexity of fund structures, includingmulti- tieredownership and cross-border transactions - The potential for higher-risk jurisdictions and the need for tailored riskmitigationmeasures. Entities should ensure that all responses are accurate and supported by relevant documentation, such as CDD records, risk assessments, board minutes ap- proving the RC report, and evidence of RR and RC appointments. Practical Tips for Compliance To ensure a smooth filing process, professionals should consider the followingpractical tips: 1. Start Early : Begin preparing well in advance to avoidlast-minuteissues(gatheringallnecessarydoc- umentation, conducting internal reviews, addressing any gaps in compliance, etc.). 2. Verify the SubmissionProcess : Ensure that all re- quired fields are completed accurately and that the documents are formatted correctly 3. Seek ExpertAdvice : EngagewithAML experts to ensure that all filingsmeet regulatory standards.Ad- ditionally,alternativeinvestmentfundsfrequentlyat- tract investors from higher-risk jurisdictions or with complex ownership structures, necessitating EDD measures.TheAML/CFTregulatorylandscapeisalso constantly evolving, making it difficult to stay up to date without expert guidance while non-regulated AIFsmay lack dedicated compliance teams, creating resource constraints that hinder the implementation and maintenance of robust AML/CFT frameworks. By seeking expert advice, funds can effectively ad- dress these challenges and ensure compliance with Luxembourg’s stringentAML/CFT regulations 4.ConductInternalReviews :AML/CFTpoliciesand procedures should regularly be reviewed and up- dated, in response to triggering events that may im- pact the fund’s risk profile or regulatory obligations. These reviews should include periodic risk assess- ments to reassess the fund’s exposure to AML/CFT risksandensurethatCDDproceduresareupdatedto address emerging threats or regulatory changes. By proactivelymonitoringandupdatingtheframework, fundscanmaintaincomplianceandmitigatepotential risks effectively 5. TrainStaff : Provide regular awareness sessions to staff and other relevant parties (board members, complianceofficers, fundmanagers, and third-party service providers, etc.) to ensure understanding of AML/CFTobligations and identificationof potential redflags Conclusion TheAED’sexpandedsupervisorymeasures,nowen- compassing all unregulatedAIFs, mark a significant shift in Luxembourg’s AML/CFT regulatory land- scape.With the 31May 2025 deadline for RAIFs and the 30 June 2025 deadline for other unregulated AIFs fast approaching, funds must act immediately to ensure timely and accurate submission of the RC Report, AML/CFT Questionnaire, and supporting documentation. Failuretomeetthesedeadlinesmayresultinpenalties or regulatory scrutiny, underscoring the importance of prioritizing compliance efforts. By understanding therequirements,preparinginadvance,andseeking expertadvice,professionalscannavigatethe2025re- porting season with confidence and ensure remain- ing compliant with Luxembourg’s stringent AML/CFT regulations. Frederic GUILMIN, EY Luxembourg Partner, FinCrime – Forensics Christine FRENTZ, EY Luxembourg Partner, FinCrime – AML/KYC 1) RC report FIAR, Portail de la fiscalité indirecte TheAED ExpandsAML/CFTReporting Obligations L ’économie américaine sem- ble avoir débuté l’année sur une note un peu moins vigoureuse, comparée à la crois- sance robuste affichée tout au long de l’année 2024, affirment Guy Wagner, chief investment officer (CIO) de la société de ges- tion BLI - Banque de Luxem- bourg Investments et son équipe dans leur dernier rapport d’analyse sur les marchés financiers, les «Highlights». «Une base de comparaison éle- vée suite à la forte progression de la consommation domestique au quatrième trimestre et les incendies des- tructeurs en Californie semblent avoir légèrement pesé sur la croissance au cours des deux premiers mois de 2025», dit GuyWagner. «La hausse continue des revenus desménages sug- gère toutefois que le comportement unpeuplus fri- leux du consommateur américain ne devrait pas devenir une tendance nouvelle vouée à s’intensifier. En Europe, la perspective d’une coalition chré- tienne-socialiste stable et efficace en Allemagne et d’unemise à disposition rapide demoyens fi- nanciers au niveau européen pour réarmer le vieux continent nourrit l’espoir d’un renouveau économique.» EnChine, lamise en place de tarifs douaniers par les Etats-Unis à un moment où les exportations constituent la composante laplusdynamique duPIBpourrait inciter les autorités pu- bliques à renforcer prochainement les mesures de soutien de la consommation domestique. Au Japon, la hausse du PIB au quatrième trimestre de 2024 fut nettement supérieure aux at- tentesgrâceàlaforcedesexpor- tations, la consommation domestiquen’ayanttoutefoisqua- siment pas contribué à la croissance. L’inflation stagne depuis plusieurs mois Après son recul significatif à partir des niveaux re- cords atteints durant 2022, l’inflation stagne depuis plusieurs mois. Ainsi, aux Etats-Unis, le taux d’in- flation global a augmenté de 2,9% en décembre à 3,0% en janvier. Dans la zone euro, le taux d’infla- tion global a légèrement diminué. LaRéserve fédérale américaine tempère les espoirs d’unnouvel assouplissement de la politiquemonétaire En février, les deux principales banques centrales n’ont pas tenu de réunion. «Durant le mois, les res- ponsablesmonétairesaméricainsontcontinuéàtem- pérer les espoirs d’une poursuite du relâchement monétaire, suggérant lapréférence du statuquo tant que l’inflation ne montre pas des signes de ralentis- sement plus tangibles», précise l’économiste luxem- bourgeois. Même dans la zone euro, les autorités commencent à se montrer plus réservées quant au potentiel debaisse supplémentairedes tauxd’intérêt afin de ne pas risquer le retour rapide d’une accélé- ration de l’inflation. Les taux d’intérêts à long terme quasiment inchangés dans la zone euromalgré une baisse de leurs homologues américains Les signes d’une croissance économique américaine moins robuste en ce début d’année ont engendré un recul des taux d’intérêt à long terme aux Etats-Unis. Dans la zone euro, les taux d’intérêts à long terme sont restés quasiment inchangés, en raison des pers- pectives d’une augmentation significative des dé- pensesmilitaires sur le vieux continent, financée par deladettesupplémentaire.Ainsi,letauxderéférence à10ansalégèrementbaisséenAllemagne,enFrance, en Italie et en Espagne. Les actions européennes ont maintenu leur tendance favorable En février, le léger recul de l’indice phare des actions mondialesMSCIAllCountryWorldIndexNetTotal Return dissimule le caractère hétérogène des évolu- tions sur les marchés boursiers, tant sur le plan géo- graphique que sectoriel. GuyWagner : «Malgré la faiblesse deWall Street, les actions européennes ont maintenu leur tendance fa- vorable du début d’année en raison de l’espoir que l’abandon probable de l’orthodoxie budgétaire dans la zone euro en vue de réarmer le vieux continent puisse déclencher une reprise économique plus no- table.»Danslespaysémergents,lesbourseschinoises se sont révélées particulièrement euphoriques, l’in- diceHang Seng àHongKongprogressantmême de 13,4% (en HKD) en poursuivant son rallye entamé depuisl’annonceenjanvierparDeepSeekdesonmo- dèle de langage d’intelligence artificielle. «Auniveau sectoriel, la consommationde base, l’im- mobilier et la finance ont enregistré les plus fortes progressions alors que la consommation discrétion- naire,lesservicesdecommunicationetlatechnologie ont affiché les baisses les plus notables.» L’économie américaine commence l’année un peu plus faible