Will the Financial Action Task Force (FATF) visit really be postponed until October 2021?

On April 14th, the Ministry of Justice announced that the plenary discussion of the FATF report assessing Luxembourg's performance on combating money laundering has been postponed until October 2021. The initial plan saw a plenary discussion scheduled for June 2021, following an onsite visit from experts in October 2020. In the current context of the Covid […]

European asset management regulators teaming up – on-site inspections and how to get prepared

EU-wide coordination between national and supranational regulatory authorities has increased steadily in recent months: supervisory reviews and actions are more common, and regulatory scrutiny is intensifying. For many companies, this step-change is nowhere more apparent than in the rise of on-site inspections, both systematic and thematic. Key themes emerging i […]

Liquidity management: Regulatory scrutiny levels rising – How safe is your life jacket? The new CSSF Circular 19/733

At the dawn of this new year, let’s take a moment to look back at 2019 and its impact on the asset management industry and financial markets. It’s been a rocky road for financial markets which, overall, have shown resistance despite worrying signs including micro crystallization of liquidity risks. For instance, the flagship fund managed by Neil Woodford […]

Managing ESG: Challenges and Opportunities in the Asset Management World

This article was written together with Eleonora Cambone. The rise of ESG (Environmental, Social and Governance) and Sustainable investments is undebatable, and the figures testifying this are clear as day: as of December 2018, there are 2,816 European responsible investment funds domiciled in Europe with a total assets under management (AuM) of EUR 496 billio […]

Fighting cybercriminals with the updated SWIFT CSP

In recent years, sophisticated cybercriminals have managed to compromise several banks’ computer networks, learn their payment processes, and gain access to the relevant IT credentials—ultimately being able to send fraudulent payment instructions over the SWIFT financial messaging network. The worst case so far was in 2016, when thieves successfully stole […]

EU Sustainable Finance explained – Taxonomy

Riikka Sievänen, Senior Manager at KPMG in Finland, has written the following article about the proposed EU Taxonomy for sustainable finance and what it will mean for the financial service sector. The original article can be read here.   Part II - Key Taxonomy-related takeaways Read part 1 of this 2-part series about sustainable finance, or contin […]