This blog intends to provide some insights on the guidelines provided by the Luxembourg institute of statutory auditors (Institut des réviseurs d’entreprises – IRE) in relation to compliance with the Luxembourg Law of 12 November 2004 concerning the fight against money laundering and terrorist financing (the “AML Law”).
The practical challenge here for the auditors is the ability to obtain the requirement documentation “immediately”. This is a requirement of the AML Law which has to be tried and tested regularly.
The above guidelines are not intended to be an exhaustive list but are intended to provide some of the key and recurrent practical challenges faced by the auditors.
Jimmy Tong Sam, Managing Partner from Auren Luxembourg