XCH has permanent presence in Luxembourg from 2015.
XCH personnel in Luxembourg, in cooperation with XCH personnel in Cyprus, provide AML and Financial Services Advisory to the Financial Institutions regulated by Financial Services Authority in Luxembourg (CSSF).
The AML Specialist personnel of XCH can assist the Financial Institution in Luxembourg to operate in accordance to European AML Directive and to Regulatory Framework Authority.
The following AML Services can be provided:
· AML Audit
· Consulting AML – Compliance Support
· Design and Implementation of Due Diligence Procedures
· Client’s Risk Assessment
· Ongoing monitoring process for Financial Institutions Clients
· Installation of AML Software which is designed by Professional AML Specialists
Luxembourg is member of FATF since 1990.
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
The FATF has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. They form the basis for a co-ordinated response to these threats to the integrity of the financial system and help ensure a level playing field. First issued in 1990, the FATF Recommendations were revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application.
The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse.
The FATF’s decision making body, the FATF Plenary, meets three times per year.