Anne-Sophie Minaldo

Anne-Sophie Minaldo

CSSF circular 20/759 shakes things up in the Board Room

In December 2020 the CSSF published circular 20/759 (an update of circular 12/552) on central administration, internal governance and risk management. It transposes (amongst others) EBA Guidelines 2017/11 on internal governance and joint EBA and ESMA Guidelines 2017/12 on suitability assessment of the members of the management body and key function holders. […]

Supervisory pressure is on as ECB publishes guide on climate-related and environmental risk

ESG - The acronym that’s taken the corporate world by storm as it continues to gain serious ground. It’s at the top of most corporate agendas, and financial institutions are no exception. In its recent guide on climate-related and environmental risk (published in November 2020), the European Central Bank (ECB) declares that approaching the topic of ESG fr […]

Grand-Ducal Regulation of 14 August 2020: key changes and clarifications

On 14 August 2020, the CSSF amended the Grand Ducal Regulation (GDR) of 1 February 2010. This amended GDR updates and provides clarifications on certain provisions of the Law of 12 November 2004 on the fight against money laundering and terrorist financing, notably regarding the amendments from the transposition of the fourth and fifth anti-money laundering (AML […]

CSSF Regulation 20-05: changes and clarifications

On 14 August 2020, Luxembourg’s financial regulator CSSF published Regulation 20-05 (“the Regulation”), amending CSSF Regulation 12-02 of 14 December 2012 regarding the fight against money laundering (ML) and terrorist financing (TF). The Regulation, which entered into force on 24 August 2020, aims to provide further clarifications to professionals regardi […]

Business continuity in the Covid era: Considerations for Boards

On 29 April 2020, KPMG partners Anne-Sophie Minaldo and Laurent de la Vaissière took part in an ILA virtual panel on “Business Risk, Continuity & Protection" where they shared their insights on business continuity to help directors lead their organizations through the Covid-19 crisis. In this blog, they share their four-step guide for board members. &n […]

Will the Financial Action Task Force (FATF) visit really be postponed until October 2021?

On April 14th, the Ministry of Justice announced that the plenary discussion of the FATF report assessing Luxembourg's performance on combating money laundering has been postponed until October 2021. The initial plan saw a plenary discussion scheduled for June 2021, following an onsite visit from experts in October 2020. In the current context of the Covid […]