Maitland enhances AML compliance services in Luxembourg

Maitland enhances AML compliance services in Luxembourg
22.07.2020 04:07 pm

Maitland enhances AML compliance services in Luxembourg

Compliance , AML and KYC

Maitland, the leading global advisory and fund administrator, has announced it is enhancing its AML regulatory compliance capabilities to meet rising demand among Luxembourg fund managers.

Driving the need for outsourced compliance services in Luxembourg is the latest anti-money laundering (AML) guidance from the Commission de Surveillance du Secteur Financier (CSSF).

The legislation, issued in November 2019, requires all regulated funds in the jurisdiction to appoint two persons responsible: one for compliance at board or management level (the “RR”) and one for control at the corresponding level (the “RC”).

Catalysed by COVID-19, the recent trend towards remote working business environments has placed a renewed focus on security and AML risk assessment process, leading many Luxembourg regulated funds to outsource the RC role to third parties.

Maitland’s comprehensive service will provide regulated Investment Funds in Luxembourg with the ability to be fully compliant with the RC role requirement and support the boards with sound governance. 

Founded in Luxembourg over 40 years ago, Maitland’s experience within the funds industry combined with its in-depth AML expertise and knowledge of the Luxembourg regulatory landscape continues to attract new clients to its comprehensive solutions.

Kavitha Ramachandran, Head of Business Development & Client Management – Continental Europe, comments: ‘There’s no doubt that the latest CSSF AML guidance will help to reinforce Luxembourg’s prominent position as a leading hub for funds and alternative investments in Europe. We expect to see new players enter the market as structures around the new regulation take shape and we are fully prepared to help them navigate this environment.’

Dave Kubilus, Managing Director – ManCo Services, adds: ‘From enhanced risk assessment technology to new legislation from governing bodies, the regulatory landscape in Luxembourg is constantly changing. It’s vital that we evolve with it and adapt our services to meet the needs of our existing and future clients.’

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