2020 Annual Report of the Luxembourg Financial Intelligence Unit (CRF): Key findings
As 2021 draws to a close, the Luxembourg Financial Intelligence Unit published its annual report for 2020. This newsflash summarises the key findings.
As 2021 draws to a close, the Luxembourg Financial Intelligence Unit (CRF) has just published its 2020 annual report in French. Here below a summary of the key findings.
There has been a decrease in the total number of reports, however, criminal tax offences and fraud remain areas where banks and insurers have reported the highest number of reports. Now that VASPs have been added to the list of professionals subject to the AML Law, the CRF maintains regular exchanges with the CSSF in order to identify the VASPs active in Luxembourg, which may not yet have complied with the registration requirement. This area will likely see more growth when the next year’s report is published.
2020 CRF Annual Report is available here.
Read also our review of the 2019 report
Michael SchweigerPartner Attorney at law / Avocat à la Cour / Solicitor
Michael Schweiger, partner, is a member of the Banking & Finance practice group in our Luxembourg office. He leads the Luxembourg financial regulatory team and regularly advises banks, e-money and payment institutions, insurers, and other clients regarding financial regulation.T: +352 466 230 520 E: [email protected]
Adrien PierreSenior Associate Attorney at law / Avocat à la Cour
Adrien Pierre, senior associate, is a member of the Banking & Finance Practice Group in our Luxembourg office. He advises banks, asset managers, fintechs, payment institutions, insurance companies and other financial institutions on regulatory matters.T: +352 466 230 523 E: [email protected]