Esma faces uphill battle to emerge as European SEC
In an interview with Investment Officer, Esma chair Verena Ross outlined her vision and the significant challenges ahead as the regulatory body aims to become Europe’s equivalent to the US SEC.
Prosecutor sounds alarm over Luxembourg’s backlog of 862 financial crime cases
Martine Solovieff, Luxembourg’s top criminal prosecutor, has issued a stark warning regarding the country’s persistent struggle with financial crime investigations, citing overwhelming caseloads and staffing shortages as key obstacles.
Banque Havilland’s demise opens old wounds in Luxembourg
Banque Havilland, once a discreet player in the European private banking sector, is now caught in a severe regulatory storm. This case has also reignited old tensions related to the 2009 sale of Icelandic bank Kaupthing’s Luxembourg unit to the Rowland family, the financiers behind Banque Havilland.
Regulators push Banque Havilland out of business in Europe
Banque Havilland, a Luxembourg-headquartered private bank controlled by Prince Andrew’s longtime financial adviser David Rowland, has effectively been put out of business in Europe following a coordinated clamp-down by EU regulators amid persistent governance and money laundering issues.
CSSF fines BNP Paribas €3 mln for laundering lapses
The CSSF has fined BGL BNP Paribas three million euro for significant lapses in its anti-money laundering and counter-terrorist financing compliance. It’s the second-largest fine ever imposed for AML failings in Luxembourg.
Luxembourg banks struggling with compliance, AML
Luxembourg’s banking sector, once heralded for its stability and strong governance, is now grappling with substantial hurdles in adhering to anti-money laundering (AML) regulations, a new consultancy report reveals.
CSSF confirms Amundi’s Nvidia holdings within legal limits
Luxembourg financial regulator CSSF has confirmed that the 34.49 percent holding in Nvidia by an Amundi fund does not constitute a breach of the 2010 law on undertakings for collective investment, which caps Ucits investments in most individual stocks at 10 percent.
ESG funds brace for $40 bln outflow as new EU rules loom
Investors in European ESG funds could be in for a rude awakening as new guidelines from the European Securities and Markets Authority (Esma) threaten to upend the industry, according to Morningstar.
CSSF fines and reprimands managers for AML failures
The CSSF has reprimanded three investment fund managers for failing to comply with anti-money laundering requirements after it decided not to impose a 10,000 euro fine. A fourth manager was fined 10,000 euro after not responding to a request for additional information.
‘We will never succeed if we don’t bring it together in a genuinely European context’
Transcript of the interview with Esma Chair Verena Ross.