CSSF updated its declarations of honour for legal and natural persons

The CSSF has updated the declarations of honour for natural and legal persons. It is important to note that the declarations of honour related to credit institutions are not affected by the changes mentioned below. 

These adjustments illustrate the evolution of the CSSF's administrative practice regarding the assessment of professional standing and experience and its intent to limit the collection of physical documents.

What are the adjustments?

Clarification of information

Some aspects of the declaration have been made more explicit. This includes the stipulation that significant shareholdings are defined as 10% or more of the capital and/or voting rights, and the obligation to reveal any affiliations with shareholders of the relevant entity. Furthermore, any relationship with individuals who are politically exposed, as defined in AML Law[1], are now required to be disclosed.

Additionally, the CSSF now requests that the following information must be contained in the  curricula vitae:

• the surnames and forenames, place and date of birth, address and nationality(ies);

• the diplomas, as well as any training or certificates in relation with the position sought, the linguistic skills;

• all the positions held throughout the professional life, including the respective names and business areas of the employers, a description of the responsibilities and the tasks carried out, the date of commencement of employment and the date of termination of employment; and

• the current and previous authorisations issued by a financial sector supervisory authority of any country as well as the nature, the scope and the duration of the authorisation.

Declarant information

The declarant must confirm:

• non-current or past significant involvement in entities subjected to criminal procedures or sanctions;

• submission of criminal record extracts from the last five years from all countries of residence, or a statement if a criminal record is unavailable;

• that the documents transmitted or to be transmitted to the CSSF are complete, sincere, accurate and up-to-date;

• that the copies of the documents submitted to the CSSF are in all respects true copies of identical to the original documents.

Keeping the information up-to-date

The CSSF will no longer require to updated documents at the end of the assessment if no changes have occurred. However, the CSSF emphasizes that the declarant must notify them of any changes or developments in the information provided in the honour declaration.

Signature requirement and submission

The declaration of honour should be signed and submitted either in paper form with a handwritten signature or in electronic form with a qualified electronic signature in accordance with EIDAS Regulation. The CSSF will no longer require original versions or certified copies of documents to be submitted with the declaration of honour.

Please note that the CSSF expects entities to use the new versions as of 1 July 2024.

Sources:

• Assessment of professional standing and experience - update of the declarations of honour

• Declaration of honour for natural persons

• Declaration of honour for legal persons

[1] Article 1 (9) of the Law of 12 November 2004 on the fight against money laundering and terrorist financing ("AML Law").