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The current economic and market environment in which Luxembourg private banks are evolving is undergoing profound changes as private banks have to respond to increased and ever-changing regulatory requirements.
The current economic and market environment in which Luxembourg private banks are evolving is undergoing profound changes as private banks have to respond to increased and ever-changing regulatory requirements, such tax transparency (automatic exchange of information in tax matters according to the OECD CRS), as well as forthcoming suitability (MiFID 2) and anti-money laundering (4th EU AML Directive) requirements.
As highlighted in the recent ABBL/EY study on the cost of compliance, banks’ operational costs have soared in recent years, putting...
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