Keltes

The RC's summary report, its deadline and Circular CSSF 24/854

7 October 2026, Keltes

Luxembourg already asks the RC for a yearly summary report. The texts Keltes holds say who writes it, who receives it and, in some cases, when it is due. Keltes holds the founder's copy of the CSSF circular on the report, but has not yet verified it.

One source this article names is not yet verified: Circular CSSF 24/854, which Keltes holds as the founder's own copy, not retrieved from the publisher by Keltes, so nothing about its content, its format or its effect on the deadline is stated here. Every other footnote quotes a text Keltes holds, and each quote is checked word for word against it. Whether texts later than CSSF Regulation 20-05 changed the provisions quoted has not been verified.

A report Luxembourg already requires

Every professional subject to the Luxembourg anti-money laundering law must appoint, at the appropriate hierarchical level, a person responsible for monitoring compliance with its obligations, known in practice as the RC.1 The law adds that the RC must be able to act independently and report to management, without going through his or her immediate superior, or to the board of directors.2

For professionals supervised, authorised or registered by the CSSF,3 CSSF Regulation 12-02, as amended by CSSF Regulation 20-05 of 14 August 2020, turns this into a written report. The RC prepares, at least once a year, a summary report on the RC's activities and functioning, and sends it to the RR, who is the member of the authorised management responsible for anti-money laundering,4 and to the authorised management, the board of directors and, where they exist, the specialised committees.5

The same provision sets a deadline. The RR must submit the summary report to the CSSF every year, covering the past year, within five months of the end of the professional's financial year. This does not apply to Luxembourg investment funds that have appointed a Luxembourg management company which submits the report.6 Keltes has read this deadline in Regulation 20-05 as published in the Journal officiel. Whether a later text has changed it has not been verified.

Funds supervised by the AED

Not every Luxembourg fund is supervised for anti-money laundering purposes by the CSSF. The Registration Duty, Estate and VAT Authority (AED) states that its supervision covers reserved alternative investment funds (RAIFs) and alternative investment funds that are not prudentially supervised by the CSSF or any other Luxembourg authority.7

For RAIFs, the AED's page on the report for 2025, with data as of 31 December 2025, describes it as a synthesis report on the RC's AML/CFT activities and operation concerning the RAIF, and gives a deadline of 31 May 2026.8 The page does not say whether 31 May is a standing yearly date or the date of this campaign only, so Keltes does not present it as a rule for later years. For other AIFs, the AED's page says that in 2026 the report is submitted by invitation only from the AED, and it states no deadline.9

The AED's pages list twelve points the report must cover at a minimum. Among them are the results of due diligence on clients, initiators, delegated portfolio managers and investment advisers,10 the results of controls on third parties to which tasks were delegated,11 and the number of breaches found, stated explicitly even when it is nil.12 The report goes to the AED by email as one signed PDF, and a scan of a printed report is not accepted.13

Circular CSSF 24/854

Keltes understands that the CSSF has set out further requirements for the RC's summary report in Circular CSSF 24/854. Every attempt by Keltes to retrieve the circular from the CSSF website on 6 October 2026 failed. Keltes now holds the founder's own copy, in English and in French, not retrieved from the publisher by Keltes, and has not yet verified its reading of it.14

This article therefore says nothing about what the circular requires: not its content points, not its format, not how the report is to be submitted, and not whether it changes the deadline quoted above. Keltes will not rely on a report structure taken from the circular until it has verified its reading of the circular itself.

What the AMLR adds

The AMLR applies from 10 July 2027 for most obliged entities.15 Its Article 11(6) sets an EU duty of the same shape. The compliance manager must submit to the management body, once a year or more often where appropriate, a report on the implementation of the entity's internal policies, procedures and controls drawn up by the compliance officer, keep that body informed of the outcome of any reviews, and take the necessary actions to remedy any deficiencies in a timely manner.16

The AMLR report is addressed to the management body. The Luxembourg report quoted above also goes to the supervisor, under national texts. How the two will fit together after July 2027 depends on texts Keltes has not yet verified, starting with the CSSF circular.

What this means for an RC today

What the stored texts support is this. For a professional under CSSF supervision, the RC prepares the report at least once a year and sends it to the RR and the governing bodies,5 and the RR files it with the CSSF within five months of the end of the financial year, unless the fund's Luxembourg management company files it.6 For a RAIF or another AIF under AED supervision, the AED's current campaign pages set the timing, the content points and the way of sending it.89 Anything the CSSF circular adds must be read in the circular itself.

About this article

This article is general information about the texts it quotes, as they stood when it was written. It is not legal advice and does not replace advice on your own entity's situation. Still awaiting verification: Circular CSSF 24/854 and everything in it, whether any text later than CSSF Regulation 20-05 changed the provisions quoted, and whether the AED's date of 31 May applies beyond the 2025 campaign. The law is quoted from the Legilux consolidated text, which is documentary only; the CSSF regulations as published in the Journal officiel; and the AED pages in the AED's own English version. The English descriptions of the French texts are ours, not official translations.

Sources

  1. Luxembourg, amended Law of 12 November 2004, Art. 4(1), second paragraph, point a) la gestion du respect des obligations, y compris la nomination, au niveau hiérarchique approprié, d'un responsable du contrôle du respect des obligations et la sélection du personnel Quoted from the Legilux consolidated text applicable from 8 August 2026, which is documentary only: only the texts published in the Journal officiel have legal force (product/sources/lu/README.md). ↑
  2. Luxembourg, amended Law of 12 November 2004, Art. 4(1), fifth paragraph Le responsable du contrôle du respect des obligations doit pouvoir agir de façon indépendante et rendre compte à la direction, sans passer par son supérieur hiérarchique immédiat, ou au conseil d’administration. Quoted from the Legilux consolidated text applicable from 8 August 2026, which is documentary only (product/sources/lu/README.md). ↑
  3. CSSF Regulation 20-05, Art. 3, point 1, amending Art. 2(1) of CSSF Regulation 12-02 Au paragraphe 1 les mots « soumis à la surveillance de la CSSF » sont remplacés par les mots « surveillés, agréés ou enregistrés par la CSSF, en ce compris les succursales au Luxembourg de professionnels étrangers notifiés à la CSSF ainsi que les professionnels de droit étranger notifiés à la CSSF qui fournissent des prestations de services au Luxembourg sans y établir de succursale. » . Art. 2(1) of Regulation 12-02 (product/sources/lu/cssf-reg-12-02/jo-2012-12-14-articles.json) applies the regulation to professionals referred to in Art. 2 of the Law; this amendment sets who among them. Later amendments not verified. ↑
  4. CSSF Regulation 20-05, Art. 2, point 2, adding definitions to Art. 1(1) of CSSF Regulation 12-02 « responsable du respect des obligations professionnelles » : le membre de la direction autorisée responsable de la lutte contre le blanchiment et le financement du terrorisme et désigné pour les besoins du présent règlement sous le terme de « responsable du respect ». The same definition continues: for professionals without an authorised management, the RR is a member of the board of directors or the board as a whole. Later amendments not verified. ↑
  5. CSSF Regulation 12-02, Art. 42(6), as replaced by CSSF Regulation 20-05, Art. 59 Le responsable du contrôle prépare au moins une fois par an un rapport de synthèse sur ses activités et son fonctionnement. Ce rapport de synthèse est transmis par le responsable du contrôle au responsable du respect, à la direction autorisée et au conseil d’administration et aux comités spécialisés le cas échéant. Quoted from CSSF Regulation 20-05 of 14 August 2020 as published in the Journal officiel. No consolidated text of Regulation 12-02 was found on Legilux on 6 October 2026, so whether later texts amended this provision has not been verified. ↑
  6. CSSF Regulation 12-02, Art. 42(7), as replaced by CSSF Regulation 20-05, Art. 59 Le responsable du respect est tenu de soumettre annuellement à la CSSF le rapport de synthèse mentionné au paragraphe 6 ci-dessus portant sur l’année écoulée dans les cinq mois suivant la clôture de l’exercice social du professionnel. Cette exigence n’est pas applicable pour les fonds d’investissement luxembourgeois qui ont nommé une société de gestion luxembourgeoise qui soumet ce rapport annuel. Quoted from CSSF Regulation 20-05 of 14 August 2020; whether a later text, including Circular CSSF 24/854, changed this deadline has not been verified. ↑
  7. AED, page Secteur Financier (pfi.public.lu) En tant qu’autorité de surveillance et de contrôle des autres établissements financiers, l’AED connait dans son champ de supervision en matière LBC/FT les fonds d’investissements alternatifs réservés luxembourgeois (FIAR) ainsi que les fonds d’investissement alternatifs luxembourgeois (FIA), représentant des véhicules financiers non prudentiellement surveillés par la Commission de Surveillance du Secteur Financier (CSSF) ou toute autre autorité de contrôle luxembourgeoise. The AED's own statement on its portal, retrieved 6 October 2026. It is supervisory information, not law. ↑
  8. AED, page RC report FIAR (pfi.public.lu), English version The report of the RC is a synthesis report on his activities and operation in AML/CFT purposes concerning the RAIF (“RC report”). The deadline to submit the RC report is 31 May 2026 CoB . Page last updated 18/02/2026 according to its footer, retrieved 6 October 2026. The same page sets the data date as 31 December 2025. The French version reads: La date butoir pour la transmission du Rapport du RC est le 31 mai 2026. ↑
  9. AED, page RC Report FIA (pfi.public.lu), English version Regarding the submission of the RC Report for AIFs, this will take place in 2026 by invitation only from the AED. Page last updated 07/05/2026 according to its footer, retrieved 6 October 2026. The page states no deadline. ↑
  10. AED, page RC report FIAR (pfi.public.lu), English version, list of points The results of due diligence measures performed on clients, initiators of the RAIF, portfolio managers to whom the management has been delegated, investment advisors, including the ongoing due diligence ; One of the twelve points the page lists after: The RC report must cover at least the following points. The AIF page (page-fia-rc-report.txt) carries the same list. ↑
  11. AED, page RC report FIAR (pfi.public.lu), English version, list of points In case of delegation of tasks concerning professional obligations to third parties, the results of controls performed on the compliance of services made by these third parties, not only with the legal and regulatory provisions, but also with the contractual provisions, if appropriate, the reasons for which the RAIF has chosen new third parties during the year ; ↑
  12. AED, page RC report FIAR (pfi.public.lu), English version, list of points The number of noticed breaches of professional obligations on AML/CFT purposes. If this number is equal to nil, it must be specified explicitly. ↑
  13. AED, page RC report FIAR (pfi.public.lu), English version, transmission instructions The signed report in pdf format (composed of one single document only) should be returned to the AED to the following email address: The page then gives the AED's address, and its next line reads: Any other transmission format, e.g. a . pdf scan of the printed report will not be accepted. The AIF page gives a different address for AIFs. ↑
  14. Circular CSSF 24/854UNVERIFIED Text from the founder's own copy, downloaded by him and uploaded on 8 October 2026 (UTC); not retrieved from the publisher by Keltes (product/sources/lu/cssf-circ-24-854/manifest.json), in English, the version that prevails, and in French. The CSSF website answered every automated request by Keltes on 6 October 2026 with an empty reply or HTTP 400 (attempt-log.txt). Keltes has not yet verified its reading of the circular. No address is given because none was recorded. Nothing on this page rests on its content. ↑
  15. AMLR Art. 90, second paragraph It shall apply from 10 July 2027, except in relation to obliged entities referred to in Article 3, points (3)(n) and (o), to which it shall apply from 10 July 2029. ↑
  16. AMLR Art. 11(6) In particular, the compliance manager shall submit once a year, or, where appropriate, more frequently, to the management body a report on the implementation of the obliged entity’s internal policies, procedures and controls drawn up by the compliance officer, and shall keep that body informed of the outcome of any reviews. The compliance manager shall take the necessary actions to remedy in a timely manner any deficiencies identified. ↑
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