Financial Crime World

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Luxembourg Banking Regulations: Compliance Made Easy

In today’s complex financial landscape, navigating banking regulations in Luxembourg can be a daunting task. With PwC Luxembourg, you can rest assured that your banking entity or branch of a non-EU head office will comply with all necessary requirements.

Setting Up a Bank in Luxembourg

To set up a bank in Luxembourg, applicants must obtain prior authorisation from the Ministry of Finance and follow a licence application procedure. PwC Luxembourg offers comprehensive services to guide you through this process, including:

  • Preparation of the application file
  • Defining a business plan
  • Description of IT infrastructure
  • Drafting anti-money laundering and counter-financing procedures
  • And more

PSF Authorization

A Professional of the Financial Sector (PSF) is a legal person authorized to perform activities in the financial sector. PwC Luxembourg provides similar services for PSF authorization, including:

  • Preparation of the application file
  • Defining a business plan
  • Description of IT infrastructure
  • Recruitment services

Timeline

The timeline for setting up a bank or PSF office in Luxembourg typically begins with an introductory meeting between senior representatives and the Commission de Surveillance du Secteur Financier (CSSF). The CSSF will examine the application file and may address additional queries to the applicant. The Ministry of Finance will then seek advice from the CSSF before granting the licence.

PwC Services

PwC Luxembourg offers a range of services to support your banking or PSF operation, including:

  • Preparation of the application file
  • Defining a business plan
  • Description of IT infrastructure
  • Drafting anti-money laundering and counter-financing procedures
  • Incorporation of private company in Luxembourg
  • Recruitment services
  • Project Management

With PwC Luxembourg, you can be confident that your banking or PSF operation will comply with all necessary regulations and meet the requirements of the Luxembourg authorities. Contact us today to learn more about our services and how we can support your business.