Alternative Investment

AML/CFT Supervision Of Unregulated Alternative Investment Funds (Excluding RAIFs) By The AED – Project Finance/PPP & PFI


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The Luxembourg Registration Duty, Estate and VAT Authority (in
French, l’administration de l’enregistrement, des
domaines et de la TVA
or “AED“) has
under its anti-money laundering and counter financing of terrorism
(“AML/CFT“) supervision Luxembourg
alternative investment funds being unregulated and not supervised
financial vehicles by any other Luxembourg supervisory authority
(“unregulated AIFs“).

In such respect, the AED has recently added a specific section
on its website regarding these unregulated AIFs (https://pfi.public.lu/fr/blanchiment/questionnaire/vehicules-financiers-non-reglementes/fia.html).
Indeed, the AED requests the unregulated AIFs to complete and
file:

(i) an identification form related to (a) the person responsible
for the control of the compliance of the AML/CFT obligations at the
appropriate hierarchical level (in French, “responsable du
contrôle du respect des obligations
” or the
RC“) and (b) the responsible for the
compliance with the professional obligations as regards the AML/CFT
(in French “responsable du respect des
obligations”
or the “RR“) (the
RR/RC Form“)
(https://pfi.public.lu/fr/blanchiment/questionnaire/vehicules-financiers-non-reglementes/fia/rr-rc-identification.html)
; and

(ii) a yearly AML/CFT Questionnaire covering the financial year
2021 (the “Questionnaire“) (https://pfi.public.lu/fr/blanchiment/questionnaire/vehicules-financiers-non-reglementes/fia/aml-cft-questionnaire.html).

In order to correctly complete the RR/RC Form and the
Questionnaire, the AED has published frequently asked questions and
guidelines documents on its website.

Certain unregulated AIFs have received communication from the
AED asking them to complete and file the RR/RC Form and the
Questionnaire by 12 November 2022 at the latest. In case you have
not received such a communication, it is recommended to anticipate
AED’s request and, therefore, to prepare the RR/RC Form and the
Questionnaire together and to submit such documents in advance to
the AED. In addition, the RR/RC Form must be transmitted to the AED
without delay in the following situations:

  • Initial appointment of the RC and/or RR of the unregulated AIF;
    and

  • Change of the RR and/or RC of the unregulated AIF.

As a general reminder, all Luxembourg investment funds and
Luxembourg investment fund managers shall establish an AML_CFT
governance framework (AML_CFT policy, risk assessments, appointment
of RR/RC etc.).

Olivier Sciales

Chevalier & Sciales

Partner

36-38, Grand-Rue,

L1660 Luxembourg

Office: + 352 26 25 90 30

Fax: +352 26 25 83 88

Email: oliviersciales@cs-avocats.lu

website:
www.cs-avocats.lu


Linkedin: http://www.linkedin.com/in/oliviersciales

Twitter: @oliviersciales

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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