Lawyer in Luxembourg: KYC rules

LG Avocats, and its lawyers registered at the Luxembourg are subject to KYC due diligence (Know Your Customer)

In accordance with the rules set forth by our Bar Association and by Luxembourg Law, we, as lawyers in Luxembourg, need to proceed with our KYC obligations prior to accepting a file and we may be required to know our clients and to identify the beneficial owner(s) of the company.

In this respect, the effective owner(s) of the company, has (have) to provide us with a true copy of his/her passport, tax identification number with tax residence and a written statement of beneficial ownership mentioning his/her address and professional activity with a bank reference.

We may also require to be provided with information with respect to client’s assets (origin), and as the case may be, an organization chart of the group of companies of client.

It is furthermore to be noted that all information provided to us shall be kept strictly confidential and shall not be transmitted to anyone, except in case of suspicion of fraud by the owner; and by request of the Luxembourg State Prosecutor.

Indeed, as Luxembourg lawyers, we must comply with professional secrecy, the breach of which is subject to criminal penalties, pursuant to article 458 of the penal code.

We are furthermore to ascertained each year that (i) the owner has not changed and (ii) we have always an updated copy of the passport of the owner.