The Luxembourg Financial Sector Supervisory Commission (CSSF), the Cellule de Renseignement Financier (CRF, the financial intelligence unit), the Association of Luxembourg Compliance Officers (Alco), the Luxembourg Alternative Administrators Association (L3A), the Luxembourg Association of Family Offices (Lafo) and the Luxembourg Private Equity Association (LPEA) have signed a public-private partnership on 22 May 2023, as announced in a press release published by the CSSF on 29 June.
The agreement focuses on specialised professionals of the financial sector, or PFS, and will allow public authorities and PFS representatives to combine their knowledge and skills to better fight money laundering and terrorist financing.
The dialogue is meant to clarify risks related to the PFS sector, define regulatory explanations and identify areas where additional guidance may be required.
PFS entities are regulated entities that provide financial services not solely reserved for credit institutions. Some examples of specialised PFS include registrar agents or corporate domiciliation agents, according to Deloitte Luxembourg. As of June 2022, the grand duchy’s PFS industry had 17,120 professionals employed by 258 companies.