Canada    FinTech Guide    Chapter 11    Luxembourg


11. Identification
Luxembourg  Luxembourg

The increasing pressure of regulation on the fight against money laundering and terrorist financing (amended Law of 12 November 2004) has a significant impact on the investment management industry and financial sector.



Legal Affairs


Commercial, craft and industrial activities, as well as some liberal professions, are subject to a business permit (autorisation d'établissement or autorisation de commerce).

This permit is granted to businesses (the professional operating under his/her own name or the company) within a 3-month deadline, which may be extended by another month under certain conditions, if: the person responsible for the operation or management of the business meets the required legal conditions of qualification and professional integrity for the activity concerned; and the business has a fixed physical establishment in Luxembourg (no so-called 'letterbox companies').

Costs are around 2,000 EUR.



Economic Conditions


No information publicly available. Market is big because of the banking industry (153 banks).



Miscellaneous


The 4th European Anti-Money Laundering Directive has been transposed in Luxembourg by the law of 13 February 2018.



Contributing Authors

Felten & Associes

Bernard Felten
Luxembourg

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018