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KYC and due diligence procedures remain one of the most costly regulations faced by Luxembourg’s fund industry and the overall financial sector businesses. This is despite it being a decade and a half since global law-makers put in place rules to fight money laundering and terrorism financing.
A challenge for all
Banks, investment funds, family offices, insurance companies, , holding companies, service providers, and the rest all face a daily battle to comply with KYC/AML-CTF duties and assure that clients are not using the financial system for illegal activities. Making a mistake or having laxly procedures could be corporate suicide.
KYC regulations also make it harder and more expensive to serve clients, the vast majority of whom...
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