The Luxembourg Registration Duties, Estates and VAT Authority (AED) has recently introduced new requirements with respect to the anti-money laundering and counter financing of terrorism (AML/CFT) supervision of all non-regulated alternative investment funds (AIFs) other than reserved alternative investment funds (so-called RAIFs).
Day #22: AML from AIFM perspective
What are the new AML requirements imposed on AIFs other than RAIFs?
Non-regulated alternative investment funds having not appointed an RR (responsable du respect des obligations) and RC (responsable du contrôle du respect des obligations) until now, shall take the appropriate measures as soon as possible and submit the RR/RC identification form to the AED. Any changes must also be notified to the AED via the notification form without any delay. AML/CFT questionnaire must be submitted on a yearly basis by the RR (or RC if mandated by RR).
Are these new requirements different to the ones that were already in place with respect to RAIFs?
There are not per se any new requirements different to the ones that were already in place with respect to RAIFs, the AED in a way extends the regime that was until now only applicable to RAIFs to all non-regulated alternative investment funds, applying the same requirements.
Has the AED published any guidance on these new requirements?
Two documents have been published by the AED:
- the AED guide to the alternative investment funds AML/CFT Questionnaire. Its purpose is to help alternative investment funds to correctly answer the questions included in the required AML/CFT questionnaire;
- a dedicated FAQ on the RR and RC.
Both documents are available on the AED webstite.
What is the deadline for the application of such requirements?
The AED has already contacted a number of existing AIFs to comply with the new requirements. The AIFs who have not yet been contacted should anticipate the Authority’s formal request and start gathering all required information as soon as possible.
Finally, given that the questionnaire must be transmitted on a yearly basis, the AED invites the alternative investment funds to fill in and transmit the “AIF AML/CFT Questionnaire 2021” with respect to the financial year that ended in 2021 until 31 December 2022.
