Private Banking Group, Luxembourg: take-aways … ExCo meeting, 26 November 2019
The newly elected Executive Council of the Private Banking Group, Luxembourg (PBGL) met for the first time on 26 November 2019.
Pierre Etienne, Pictet & Cie (Europe), was re-elected as Chairman of the Cluster, while François Dacquin, BGL BNP Paribas, and Sandrine De Vuyst, ING, were elected as vice-Chairs.
The PBGL identified the following priorities for the next two years
- Promotion of Luxembourg as a center of excellence for private banking, in close cooperation with Luxembourg for Finance
- More in-depth analysis of private banking data
- Strengthening cooperation with relevant sectoral organizations in Luxembourg
- Provision of effective input at the level of the Haut Comité de la Place Financière (HCPF) with respect to private-banking related matters
- Monitoring of ABBL work on regulations relevant to the private banking sector with a view to define sound industry practices
- Constitution of a joint CSSF-ABBL expert working group to deal on AML/CFT matters specific to private banking
- More active collaboration with the University of Luxembourg
The remainder of the session was dedicated to a comprehensive exchange of views with the CSSF on AML/CFT. ExCo members endorsed the content of a draft report prepared by the CSSF assessing ML/TF risks inherent to the private banking activities in Luxembourg and related mitigating factors. The PBGL contributed to the elaboration of this report.
Members then discussed with the CSSF the terms of reference of an expert working group to address the latest AML/CFT developments and trends, good practices and recommendations, risks and threats affecting the private banking industry.
Members were finally briefed by the CSSF on the forthcoming assessment of Luxembourg’s AML/CFT framework by the FATF in 2020.
The PBGL would like to thank the outgoing vice-Chair, Patrick Wagenaar, Degroof Petercam, for his time and dedication to the private banking community in Luxembourg. Patrick will continue to be involved in the Cluster’s work and will focus in particular on the cooperation between the PBGL and the University of Luxembourg.