Responsable du Contrôle (RC) Services
Overview
OMEA Advisors provides RC (Responsable du Contrôle) services for Luxembourg-based investment funds and investment fund managers supervised by the CSSF or the AED.
The CSSF as well as the AED now require all Luxembourg-based funds subject to AML/CFT supervision to appoint a Responsable du Respect des Obligations (RR) and a Responsable du Contrôle du Respect des Obligations (RC).
RR obligations are typically performed by the board of directors collectively or by a member of the board of directors.
The RC function must be carried out by an individual who has sufficient knowledge of the Luxembourg AML/CFT requirements and the investment and distribution strategies of the fund.
OMEA Advisor's team of AML experts are qualified to
take on the role of RC.
An overview of the role and responsibilities of the RC
can be found below.
RC Duties
The CSSF/AED requests that the RR and the RC:
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have sufficient AML/CFT knowledge with regard to the applicable Luxembourg legislation and regulation and can demonstrate this (e.g. completed trainings) upon request, and
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will be available without delay upon contact by the Luxembourg AML/CFT competent authorities (if the RR is a collegial body, at least one of its members must fulfil this requirement).
The RC is the day-to-day contact for any AML related escalations. On an annual basis the RC will review the AML policy of the fund which is then presented for approval at the next scheduled meeting of the board.
RC duties also include:
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the completion of an annual risk assessment which includes key performance indicators regarding high-risk investors, politically exposed persons, investment and distribution risks, suspicious activities reports, blocked accounts etc.
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regular reviews of reporting and KPIs received from the administrator. The RC will produce a report summarising all findings including any relevant regulatory updates.
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due diligence on the administrator using a risk-based approach.
OMEA Advisors offers an outsourced RC service supported by an expert team and an ISAE 3402 certified cloud-based technology software allowing for automation of KYC, KYT and KYD including daily checks on adverse news.
OMEA can also help clients identify gaps in relation to their AML/CFT obligations and close them. This can also be done on an advisory basis to an existing RC function, if requested by the client.
To discuss your company's RC needs please get in touch.