Banque de Luxembourg Pays Fine and Reinforces Commitment to Ethics and Regulation

Compliance Weaknesses Lead to €1.32 Million Fine

Banque de Luxembourg has paid a fine of €1.32 million following an administrative procedure initiated by the Commission de Surveillance du Secteur Financier (CSSF). The penalty was imposed due to certain operational weaknesses identified during an audit in 2018 related to the bank’s anti-money laundering and terrorist financing (AML/FT) system.

Audit Findings

While the audit did not reveal any unlawful activity, the identified weaknesses were deemed serious enough to warrant a fine. However, Banque de Luxembourg has since implemented a remediation program to address these issues and further strengthen its control and compliance system.

Commitment to Ethics and Regulation

As one of the largest banks in Luxembourg with over 100 years of experience, Banque de Luxembourg takes its commitment to ethics and regulation extremely seriously. The bank’s Chief Risk Officer, Etienne Planchard, emphasized the importance of compliance:

“We have always worked closely with the authorities and have introduced an organisational structure, processes, and rigorous controls to monitor strict compliance with regulations in force.”

Bank’s Commitment to Compliance

Banque de Luxembourg has a long history of providing financial services to individuals, families, and entrepreneurs, both locally and internationally. Its subsidiary BLI manages a diversified range of investment funds, while the bank also offers custodian banking services to asset management professionals.

Values and Code of Conduct

The bank’s commitment to compliance is reflected in its values and code of conduct, which prioritize impeccable ethics and a reputation that is respected nationally and internationally. By taking responsibility for its past weaknesses and implementing measures to prevent similar issues in the future, Banque de Luxembourg is demonstrating its dedication to upholding the highest standards of regulatory compliance.

Conclusion

Banque de Luxembourg’s commitment to ethics and regulation is unwavering. The bank has taken swift action to address identified weaknesses and reinforce its control and compliance system. This demonstrates a strong commitment to upholding the highest standards of regulatory compliance, ensuring the trust and respect of its clients and stakeholders.