Luxembourg banks reluctant to embrace cloud services
Luxembourg’s banking association ABBL is encouraging its members to overcome their reluctance and embrace the cloud computing revolution in order to remain “agile and innovative”, especially now that the CSSF has improved its regulatory framework for cloud banking. A recent ABBL-KPMG survey shows that banks in the Grand Duchy are slow to take up cloud services.
CSSF clarifies new rules for financial sector outsourcing
New rules, new details and a new terminology regarding financial sector outsourcing are being introduced by Luxembourg’s financial regulator CSSF with the presentation of its widely discussed ‘circular 22/806’. These changes, with significant consequences for the use of IT and cloud services, bring greater clarity within the regulatory framework.