The meeting of the Executive Board of the ABBL Private Banking Group, Luxembourg (PBGL) of 24 May 2019 focused on the following issues:
First insights into the 2019 ABBL-CSSF Private Banking Survey
According to first results of the ABBL-CSSF annual Private Banking Survey 2019, the assets under management by private banks in Luxembourg are following a positive trend, reaching a total sum of EUR 388 billion in 2018.
The full results will be presented in the course of a dedicated press conference, the date of which will be confirmed soon.
ABBL-CSSF Forum on AML
Following on from a fruitful exchange of views with the CSSF, the Executive Board discussed ways and means to further collaborate with the CSSF for the development and fine tuning of an assessment of AML / CFT risks specific to private banking in Luxembourg.
A joint ABBL-CSSF Forum will be launched to structure the dialogue between financial stakeholders and the CSSF to share and discuss key AML / CFT risks and issues. A first working session with private bankers and representatives of the CSSF will be organised by late June 2019.
Haut Comité de la Place Financière (HCPF)
The Executive Board also discussed proposed priorities of the Haut Comité de la Place Financière (HCPF) for the period 2019-2023. The following workstreams were identified as relevant for the PBGL and appropriate input shall be provided by the Cluster at the level of the related working groups that will be launched by the HCPF: fondation patrimoniale, domiciliation and family offices, trusts, SOPARFIs.
New Executive Board member
The Executive Board approved the co-option as new member of Yves Stein (Banque Edmond de Rothschild).
LFF mission to Spain
PBGL ambassadors remain proactive in their ongoing promotion of the structures and services offered by the Luxembourg financial ecosystem. The wealth management panel organised in the context of the LFF mission to Spain on 4 June 2019 was a good example of the latter. Yves Maas, Vice-Chairman of the ABBL and former Head of the PBGL, moderated a panel entitled “International asset structuring and the future of advisory”, with panelists from PwC, CaixaBank and CA Indosuez Wealth (Europe), Spain Branch.
By Camille Seillès, Secretary General and Fabio Mandorino, Adviser, Private Banking