Luxembourg Turns AML Attention To Private Banking

Luxembourg has flagged the money laundering and terrorist financing risks posed by private banks in the country, listing some ongoing shortcomings in the risk mitigation measures carried out by these financial institutions.

The Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s financial regulator, noted that in last year’s national risk assessment the private banking sector was rated as having a “very high” inherent risk of financial crime compared with the “high” risk posed by other banking sectors such as retail and investment.

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