Fund sector battles rising compliance pressures
Investment firms are struggling with AML/KYC requirements, with one fund manager saying his AML/KYC team can’t grow fast enough. The push towards ‘retailisation’ of private markets is only going to increase the stress.
‘Pensions suffer from high costs, lack of transparency’
European pension savers are facing significant hurdles due to high fee levels and a lack of transparency in pension savings markets.
Serge Weyland to succeed Camille Thommes as Alfi DG
Serge Weyland, CEO at Edmond de Rothschild Asset Management in Luxembourg, is set to replace Camille Thommes as the director general of the Association of the Luxembourg Fund Industry (Alfi), effective 1 January 2024.
Luxembourg private debt market sees 51% growth
The Luxembourg private debt fund market, with its assets under management soaring to 404.4 billion euros, marks a stunning 51 percent growth year-over-year, showcasing its robust position in the European financial landscape, according to the latest edition of the annual private debt survey by KPMG and industry association Alfi.
‘Deficient’ due diligence behind mass account freeze
Luxembourg’s financial watchdog CSSF has disclosed that about 86,000 investor accounts, primarily belonging to everyday retail investors across Europe, are currently frozen in the Grand Duchy.
Timing the market with Luxembourg funds is costly
Timing the market with your fund investments can be costly, especially if you are a cross-border investor using Luxembourg-domiciled mutual funds.
Financial sector looks set to dodge new CSDDD rules
Despite a call by the ECB, European financial institutions do not seem to be immediately covered by the new corporate responsibility directive. A majority of member states reportedly do not want to decide on this until after the directive comes into force for non-financial companies.
CSSF to accept financial crime data via API for a first time
Luxembourg’s financial supervisor CSSF on Wednesday announced 1 April as the deadline for its 2023 annual financial crime survey, an effort in which it collects data concerning money laundering and terrorism financing. Data collection will begin on 19 February, it said.
Efama DG calls for reframing discourse on retail investments
The current approach to the EU’s retail investment strategy may not adequately address broader issues such as the retirement savings gap, reflecting a need for a more holistic approach to financial education and pension policies, a leading European industry representative argues.
‘Reward your customer for active cooperation in KYC’
Banks are making some progress when it comes to KYC processes by bridging regulatory expectations and client cooperation challenges.