On September 23, our Financial sector committee put on an excellent after-work evening networking conference at the Meliá Hotel featuring Claude Marx, the Director General of the CSSF. 100 senior members of the Luxembourg financial sector were present.
The highlights included:
1. Regulatory focus on credit risk with rising default rates in lending to construction companies an area of concern.
2. Cybersecurity as increasing cyberattack threats require banks to invest in protections that strengthen vigilance and resilience.
3. Regulatory compliance remaining a core imperative for financial institutions to have resources and mechanisms in place.
4. AML and Counter Terrorist Financing continuing to evolve as money laundering and terrorist financing methods grow more sophisticated across borders.