Podcast #3: AML/CTF – Recent Luxembourg developments: focus on Fintech

The recent crypto-currency wave just added a layer of complexity to the difficult task of AML/CTF regulators of grasping new technological innovation, identifying potential threats posed to the financial sector and providing adequate responses to mitigate those risks. The inclusion of virtual asset service providers in the scope of the AML Act 2004 and the additional restrictions on the use of anonymised e-money instruments are examples of measures taken to prevent the misuse of financial services via so called “Fintech”. The A&O AML/CTF experts discuss the implications of those measures while reminding of the need to embrace new technologies and the bright side of legal or reg-tech as powerful tools to improve AML/CTF processes, for both customers and professionals.