Bank account openings: collaboration is essential for Luxembourg’s financial ecosystem

A broader European challenge

Jerry Grbic emphasises that difficulties in opening bank accounts are not unique to Luxembourg. Similar issues are reported across other European financial centres and even beyond. Yet, he warns against exaggerating the scale of the problem:

“Figures show that banks continue to open accounts at a steady pace for both newcomers to Luxembourg and local entrepreneurs. Repeating negative narratives risks creating a reputation issue for our financial centre.”

Key obstacles

The ABBL’s analysis, carried out with its members, has identified three main challenges:

• Regulatory constraints, particularly related to AML/CFT obligations.
• Complex ownership structures, especially within the investment funds industry.
• A limited perception of the full range of banking services available to entrepreneurs and international investors.

While account openings can take time, the ABBL stresses that, provided the necessary documentation is submitted, a bank account can generally be opened within a reasonable timeframe.

Four areas of action

To address the concerns voiced by entrepreneurs and policymakers, the ABBL is taking concrete steps on four fronts:

1. Facilitation – publishing a list of over 120 banks and payment institutions active in Luxembourg and open to new business segments.
2. Education – producing practical guides to help entrepreneurs understand regulatory requirements and prepare account opening applications effectively.
3. Training – strengthening compliance expertise through new certification programmes with partners such as the House of Training, ALCO and ALFI.
4. Dialogue – working closely with the CSSF and the Ministry of Finance to ensure rules are applied consistently and proportionately, while also exploring legislative improvements (e.g. wider use of public registers for KYC).