CSSF chief warns financial sector risks missing the AI revolution
Claude Marx, head of Luxembourg’s financial regulator CSSF, has sent a stark warning to the financial sector: Europe’s banks and asset managers are already falling behind in the race to adopt artificial intelligence. “We are facing an economic revolution and we should embrace it,” he said.
AI becomes dividing line between progress and obsolescence
Artificial intelligence has become the dividing line between progress and obsolescence in Luxembourg’s financial industry.
Luxembourg, awaiting FATF visit, is under AML spotlight
A crucial test awaits Luxembourg’s financial centre in just a couple of months. The Financial Action Task Force (FATF) – the global anti money-laundering and combatting terrorism financing (AML/CFT) watchdog – plans to visit in November for an in-depth audit. How is the Grand Duchy placed?
Proper use of ESG data can reduce greenwashing risks
The Luxembourg fund industry was given its ESG marching orders last week by CSSF CEO Claude Marx at the Alfi European Asset Management conference. “I am sometimes irritated by those who over inflate small issues or imperfections in this area,” he said.
Request to review costly bank regulation
The cost of implementing banking sector regulations has risen by an annual average of 16% since 2015 says a recent study by the the Luxembourg Bankers Association (ABBL) and major accounting firm EY.