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Financial institutions across the world are confronting an unprecedented rise in sophisticated identity fraud schemes driven by automated technologies circulating on encrypted communication platforms. The rapid expansion and accessibility of artificial intelligence tools have enabled criminal actors with minimal technical expertise to compromise traditional identity verification systems with alarming efficiency. Automated programs distributed through digital messaging network

The Luxembourg Registration Duties, Estates and VAT Authority has released a major regulatory clarification through Circular 792 quater, tightening the rules governing customer identification and identity verification for all professionals under its supervision. The circular reinforces compliance with the amended Law of 12 November 2004 on combating money laundering and terrorist financing, with a particular focus on the realities of digital finance and complex legal arrangem