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  • Writer's pictureEtude Maître Laurent Ries

Electronic Central Register of Bank Accounts IBAN and Financial Restrictive Measures

Updated: Jul 30, 2022

Law of 25th March 2020 establishing a central electronic system for the search of data related to IBAN accounts and safe deposit boxes in Luxembourg

By virtue of the provisions of Title 1 of the bill all professionals (including branches established in Luxembourg) offering services for maintaining payment accounts or bank accounts identified by an IBAN number as well as any credit institution maintaining safe deposit boxes in Luxembourg, are obliged to set up a data file allowing the identification of any natural or legal person who holds or controls, with a professional, payment accounts or bank accounts identified by an IBAN number.

Same law introduces a new article 7-2 within the general law of 12.11.2004 (AML law) concerning specific provisions applicable to service providers to companies and trusts and obliges all professionals who provide financial and fiduciary services to register with their respective supervisory authority or self-regulatory body.

Targeted services: The constitution of a company on behalf of third parties, directorship, secretary or partner of a partnership directly or through another person assigned to this same position and tasks, company domiciliation to any extent, any fiduciary, trustee or nominee position directly or through an intermediary (article 1-8 of the AML law).

In the event of disputes, the administrative court rules within one month time on the matter following the introduction of the case (Amending law of February 25, 2021 modifying art. 8-2 bis para. 3 of the AML law).

Mandatory professional skills to be met by professionals and on-site controls and investigations are further detailed.

Law of 19th December 2020: implementation of restrictive measures in financial matters

Which type of financial measures: restrictive measures in financial matters adopted against certain States, natural and legal persons as decided by United Nations resolutions and acts of the European Union with the aim to:

-ensure and strengthen the implementation of restrictive measures (financial and commercial sanctions);

-warrant the efficiency of efforts in the combat of financial crimes;

-provide supervisory authorities with increased powers of supervision and the ability to better enforce sanctions.

The financial restrictions apply to natural persons residing or operating in or from Luxembourg or abroad, to companies having their registered office in Luxembourg operating in or from Luxembourg or abroad (branches) as well as to Luxembourg branches of foreign companies, and generally to all natural and legal persons operating in the territory of Luxembourg.

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