Partial reopening of the Luxembourg RBE’s data consultation

As outlined in a previous newsletter[1], following a judgment of 22 November 2022 of the Court of Justice of the European Union (Grand Chamber) (“CJEU”) that partly invalidated the fifth anti-money laundering European directive of 30 May 2018[2], the Ministry of Justice, in consultation with the Luxembourg Business Registers (“LBR”), temporarily suspended all public access to the Luxembourg Effective Beneficial Owners Register (Registre des Bénéficiaires Effectifs or “RBE”) data through the LBR website, considering that the broad public access to the RBE constituted an excess of transparency that seriously interfered with the fundamental right to privacy and personal data protection.

Following the suspension of the register, further guidance and clarification was eagerly awaited in respect of the reinstatement of access to the RBE in certain circumstances and notably to certain professionals who are subject to anti-money laundering obligations.

On 19 December 2022, the LBR issued a circular[3] outlining the granting of access to RBE data to certain categories of professionals who are subject to the amended law of 12 November 2004[4] (e.g., credit institutions and professionals of the financial sector, statutory auditors, lawyers) to enable them to comply with their obligations in this respect. To obtain access, the professional will first need to sign an agreement with the LBR governing the terms on which access will be granted. They must also complete a technical annex and provide details of the category of professional and its supervisory authority. The professional will then be able to create an account using a Luxtrust certificate. This process will enable the LBR to verify the identity of the professional.

In February 2023, the LBR further broadened this scope and provided a procedure which will enable entities to access their own data. The LBR will issue a postal letter to the registered office of an entity that is registered with the Luxembourg Trade and Companies Register (Registre de commerce et des sociétés). This letter will contain a personal and confidential access code which will enable the entity to connect to the LBR website or RBE portal using a Luxtrust or eIDAS certificate. This code will be valid for three years and the entity will be able to use it to consult its data and if required, order an RBE extract.

In certain circumstances, access will also be reinstated to certain members of the press who have a legitimate interest in being able to access the RBE, governed by an agreement with the LBR.

It is intended that access will be granted at a later stage to other professionals having a legitimate interest and involved in the fight against money laundering and terrorist financing.

^{[1] https://www.pwclegal.lu/en/publications/temporary-suspension-luxembourg-rbe-data-consultation.html}

^{[2] Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and amending Directives 2009/138/EC and 2013/36/EU.}

^{[3] Circular LBR 22/01}

^{[4] Law of 12 November 2004 on the fight against money laundering and terrorist financing transposing Directive 2001/97/EC of the European Parliament and of the Council of 4 December 2001 amending Council Directive 91/308/EEC on prevention of the use of the financial system for the purpose of money laundering.}