Supervision

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, 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.

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.

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’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.

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.

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.

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.

Transcript of the interview with Esma Chair Verena Ross.

Less than a week before announcing the sale of its asset management services arm, Luxembourg’s troubled investment firm Fuchs & Associés Finance - still in liquidation - was fined €785,000 by the Grand Duchy’s financial supervisor CSSF under laws on the fight against money laundering and terrorist financing.