Foreign investors who are interested in the financial services available in Luxembourg or who want to establish an investment fund here can use a new service, which refers to the identification of a customer through an online video conference method. The service is provided by CSSF (Commission de Surveillance du Secteur Financier), the main institution allowed to regulate and authorize the activity of the financial companies with operations in Luxembourg; our team of financial specialists can provide an extensive presentation on the main attributes of the service.
Customer identification in Luxembourg
Customer identification is performed with the assistance of a person authorized by CSSF, who can verify the identity of a customer via on-line video conferences. The regulation is available under the law against money laundering and terrorist financing, enforced in 2004.
It is compulsory that this verification to be performed by a trained person and it is important to know that the CSSF professional is the only person who is responsible for the verification of various aspects related to the client, including due diligence measures.
Persons who can be verified through a video conference
According to the CSSF regulations, the verification is available for natural persons, who can have the following functions:
• a direct customer;
• a representative of a customer;
• a co-holder of joint account;
• a beneficial owner.
It is important to know that such verifications can also be performed through an external provider, in which case, the professional will have to perform due diligence procedures on the provider, referring to the technical aspects or to the security of the conference; our team of experts can offer more details in this sense.
Conditions to start the video conference in Luxembourg
Before starting the conference, the CSSF professional will have to obtain the verbal consent of the client for the recording of the discussion. The customer will have to provide security information, prior to the beginning of the conference. He or she will also have to mention a security code received before the discussion, to validate his identity.
Persons who need to receive more details on the customer identification performed by CSSF can address to our team of financial consultants for more details.