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The CSSF’s FAQ of 13 December 2024 marks a significant evolution in Luxembourg’s AML/CFT framework, introducing greater flexibility and proportionality in asset due diligence obligations. This article examines how the updated guidance aligns with ALFI’s risk-based principles, enabling regulated entities to enhance compliance effectiveness while optimising operational efficiency.

Important changes ahead for early retirement rules! The federal coalition agreement introduces stricter, and in some cases more flexible, career conditions that could impact your workforce strategy. Find out how these shifts might affect your employees’ end-of-career planning and what steps your business should consider now.

This article explores the potential of the EU's open finance regime, driven by the FIDA framework, to expand data sharing and enhance financial services across Europe. It raises key questions about whether FIDA can succeed, given the slow uptake of open banking, and examines the challenges of building the necessary infrastructure and harmonizing standards across the EU’s diverse financial sector.

This article examines the AI Act (AIA) and its implications, revealing why compliance requires more than adhering to general AI regulations. We explore the challenges financial institutions face when deploying AI systems, the critical need for double compliance with both AIA and sector-specific rules, and offer practical insights for building AI systems that meet Luxembourg’s legal standards.

Explore the European Commission's latest regulatory push to make instant payments the new standard across Europe, mandating banks to offer surcharge-free, 24/7 instant payment services by 2025. This article delves into the key regulatory changes, the challenges banks face in adapting to these requirements, and the introduction of advanced fraud prevention measures like the Verification of Payee scheme, all aimed at transforming the financial landscape and ensuring secure, efficient transactions for all.

As the European Union steps up its fight against payment fraud with new regulations, the challenge now lies in implementation. How will banks and payment service providers navigate the complexities of name matching, bulk payments, and cross-border interoperability? Discover the intricacies of the latest fraud prevention measures and what they mean for future secure payments in Europe.

FiDA is highlighted as the most impactful of the European Commission's proposals for financial data-sharing reforms. It is expected to significantly impact open finance by standardising industry data access. The article outlines the integration of key principles into FiDA, the progress made over the past year, and the steps data providers must take to prepare for these changes.

Crypto-assets are gaining traction as mainstream financial instruments. The European MICAR regulation distinguishes Asset-Referenced Tokens (ART), which maintain stable value by pegging to various assets. Despite Luxembourg funds' cautious approach due to volatility, ART offers promising opportunities for portfolio diversification. This article explores ART's definition, Luxembourg's regulatory stance, and the implications for Alternative Investment Funds (AIFs), highlighting the balance between potential benefits and risk management.

In today's digital financial landscape, trust is crucial, especially as transactions are conducted online and instantly via APIs. Maintaining trust in an open data economy requires robust rules, standards, and security measures to verify participants and ensure secure data exchanges. Directory services are essential, acting as central repositories that streamline secure communication, regulatory compliance, and operational efficiency.

The European payments landscape is undergoing significant transformations driven by technological advancements, new market entrants, and regulatory shifts. In this exclusive interview, Francis De Roeck, a seasoned expert and former member of the European Payments Council (EPC) Payments Scheme Management Board (PSMB), reflects on the evolution of the EPC, major developments in European payments, the impact of digital transformation, and his vision for the future of payments in Europe.

Despite the EU's enthusiasm for a digital euro, skepticism abounds in Brussels. The legislation, stalled since June last year, reflects a broader ambivalence. Critics argue the digital euro is a reactionary measure to past regulatory scares, potentially costly and undermining the private sector. The ECB aims for a sovereign payment solution amid geopolitical tensions, but doubts persist about its feasibility and appeal. Only time will tell if this initiative will prove its worth or remain a debated concept.

L’intelligence artificielle et son avènement représentent un nouveau moyen pour la place financière de garantir des services plus rapides, plus précis et sophistiqués. Néanmoins, l’application de cette nouvelle technologie au monde de la finance implique la nécessité de se doter d’une gouvernance adaptée répondant aux nombreux enjeux qu’elle pose.

Discover how the Instant Payments Regulation (IPR), adopted by EU co-legislators, is set to transform the European payments landscape. It will usher in instant credit transfers and enhance verification of payees and sanctions screening. Key implementation deadlines are outlined.

Spanish banks explore the possibility of leveraging the current payment infrastructures to support the distribution of the digital euro.

DEC24 - A comprehensive overview of the digital currency landscape

Marie Walker, Raidiam’s Open Futurist, looks at how the FIDA framework proposal will impact data sharing in Europe.

In this insightful article, we delve into the evolving landscape of European payment regulations with the advent of PSD3 and PSR. These transformative regulations promise to reshape how payments are conducted and supervised in the EU. We explore the legislative journey, from adoption to implementation timelines, and a glance at the future of payments.

In May 2022, a first conference was organised as part of the launch of this new Journal for compliance professionals. The theme of the conference was linked to “crypto-assets and crypto-currencies” as new subject of the regulated prudential environment. In this contribution, some of the points highlighted by the speakers are discussed and explained.

Un programme et une boîte à outils pour améliorer la protection des données dans le secteur de la santé

Compliance officers are in the front line. Sanction regimes are coming and going and all banking and financial institutions, in the broadest sense of the term, are being asked to comply with prudential expectations that have been developed in a context of uncertainty.

Mutual Evaluation (ME) to verify compliance with Financial Action Task Force (FATF)

Luxembourg is keeping its increasing legislative activity with a series of laws patching the existing 2004 AML law as the Financial Actions Task Force -mutual evaluation report approaches.

Discussion on the highly dynamic sanctions landscape currently unfolding, and key aspects of a best practice response for financial market players.

Industry Experts Discuss the NBB circular on Repatriation of Funds at The Anti-Money Laundering Conference in 2021 CREOBIS’s yearly AML event offered participants the opportunity to ask experts for clarification on the newly released NBB circular.

A quick reminder on sanctions applicable (today and potentially tomorrow) to breaches of (anti-)money laundering provisions

Key figures in drug money laundering, criminal brokers derive their reputation and wealth from their ability to trade money. They know where to find cash, who wants it, who needs it, how to move it from one country to another, how to process it and sell it. They know where the money comes from and where it goes. They do not care about the criminal origin of the funds and if they specialise in a particular criminal activity, they do so more out of lack of other criminal connections. They are the brokers of organised crime, the essential cogs in the traffic wheel.

Is your financial institution equipped to deal with the latest challenges of market abuse?

Supporting individuals in acquiring and developing skills and key competencies in dealing with Data protection issues in the Healthcare sector

The European Commission has now come up with an ambitious proposal for a comprehensive legal framework regarding the use of AI. It aims to be human-centric and is focused on the complete utilisation of the technology (and the risks potentially deriving from it). This proposal, which aims at positioning the EU as the leader of trustworthy AI, is part of a series of legislative initiatives that aim at making the EU fit for the Digital Age (see also our blog posts and webinars on the Digital Services Act proposal).

GLOBAL RISK AND COMPLIANCE REPORT 2021: How data, technology and collaboration are reshaping risk Refinitiv’s new research report takes an in-depth look at how the financial risk landscape is changing in the wake of COVID-19, and examines the inter-connected roles of data, technology and collaboration across a changing landscape.

Les questions du refus d’ouverture de comptes bancaires, de la clôture de comptes bancaires par une banque et du Service bancaire de base pour les entreprises font partie de l’actualité brûlante de 2021 en droit bancaire.