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Concerning the cooperation with the authorities, professionals are required to inform the FIU “without delay”. The declaration “must be accompanied by all the information and documents on which the declaration was based”. Moreover, the “obligation to declare suspect transactions applies without the declaring parties being required to qualify the underlying offence”. Concerning the fight against terrorism, the compulsory declaration likewise applies to “funds for which there are reasonable grounds to suspect, or which are suspected, of being linked to or connected with or likely to be used for terrorism, terrorist acts, associations, organisations or terrorist groups or to those which finance terrorism”. This formulation covers the criteria of suspicion both subjective - the person who suspects - and objective when there are reasonable grounds for suspicion, i.e. the suspicion can be verified if the circumstances surrounding the transaction normally lead to a person in whose case it is reasonable to suspect that the transaction is linked to a criminal activity. The new law introduces specific provisions governing instructions for placing a stop on accounts. Previously the instruction for placing a stop applied for a maximum period of three months, but it can now be renewed for one month in each case subject to a maximum of six months. Written confirmation from the FIU is sent to the professional and “in the absence of written confirmation the effects of the examination cease on the third working day at midnight”. As is the case at present, the professional is not authorised to disclose this examination to the client without the express prior consent of the FIU. The latter can use its blocking power even in the absence of any declaration of a suspect transaction. Professional secrecy does not apply to the FIU. The declarations, information and documents supplied by a professional cannot be used against him in proceedings for breach of professional obligations. The purpose of this provision is to assure protection for the professional who effects a declaration of a suspect operation against the risk of incriminating himself. The law substantially increases the maximum rate of the fine applicable to persons who have knowingly contravened their professional obligations: it is increased from 125,000 euros to 1,250,000 euros. The powers of the CSSF to impose penalties have likewise been strengthened: it may impose fines ranging from 250 to 250,000 euros (previously 125 to 12,500 euros). Over and above such fines, it may impose a warning, a reprimand or even a prohibition, either for a limited period or permanently, from effecting or pursuing one or more transactions or activities, or a prohibition either temporary or permanent from serving as a board member, manager or de facto or de jure director of the bodies and entities which are subject to its supervision. The CSSF may likewise impose obligations requiring the persons concerned to comply with the injunctions of the CSSF. 27 April 2010 After 5 meetings of the Tripartite coordination committee, the government and the social partners fail to find an agreement. 24
4. Payment systems & ICT Payments The various payments related issues are handled by the Payments, Information Systems & Standardisation Committee and its specific Working groups. SEPA As there are still many members of the Luxembourg banking community (ABBL members and non-members) that were not yet SEPA compliant at the end of 2009, the ABBL continued to act as NASO (National Adherence Support Organisation), i.e. by supporting banks when adhering to the various payment schemes: Sepa Credit Transfer (SCT), Sepa Direct Debit (SDD) Core, and SDD B2B. Throughout 2010, the ABBL continued to provide operational monitoring and administrative services to the banks as requested by the SEPA scheme adherence rules. These services encompassed the handling of operational problems, such as reachability issues, as well as the billing of annual SEPA/EPC fees. The ABBL continued to actively participate in the design, implementation and running of current (SCT, SDD, SCF) and future (Fixed amount, e-payments, m-payments) EPC and SEPA schemes, taking part in the various international and national working groups. In 2010, major efforts were undertaken to clarify the legal basis of using existing mandates in the new direct debit schemes. PSD After the transposition of the Payment Services Directive (PSD) into national law in November 2009 and the successful launch of PSD compliant payment services, banks had to concentrate on other issues that were still open. The guide for Payment Service Providers issued by the ABBL at the end of 2009 was updated in line with the findings and recommendations by the European banking community. Here, the ABBL continued to take part in the PSD Industry Expert group set up by the European Banking Federation, which, at the end of 2010, was given the mission to monitor and accompany any future regulation in the domain of payments. e-Money directive The ABBL closely monitored the transposition process initiated by the Ministry of Finance and contributed to the opinion papers issued by the Chamber of Commerce. 19 May 2010 Luxembourg national central security depositary LuxCSD is launched. The EU Commission proposes more information sharing and direct oversight for pan-European supervision of credit rating agencies. 21 May 2010 Luxembourg ranks 11 th in the IMD World Competitiveness Yearbook 2010. 25
Page 1 and 2: Annual Report Association des Banqu
Page 3: Table of contents Message from the
Page 6 and 7: 2010 also saw the Basel Committee a
Page 8 and 9: The crisis hits home With an econom
Page 10 and 11: Having said this, not all is doom a
Page 12 and 13: 1. Financial markets regulations Pr
Page 14 and 15: The MiFID and the PRIPs The EU Comm
Page 16 and 17: 2. Banking supervision Basel III Fo
Page 18 and 19: 3. Legal & Tax OECD: Amendments to
Page 20 and 21: do not enter into an agreement with
Page 22 and 23: Regional: Taxation of commuters fro
Page 24 and 25: Mutual assistance in criminal matte
Page 28 and 29: e-Invoicing After the publication o
Page 30 and 31: 5. Social affairs & Employers’ re
Page 32 and 33: Survey of the social situation in t
Page 34 and 35: aising contributions is systematica
Page 36 and 37: 6. Communication ABBL Communication
Page 38 and 39: ABBL events in 2010 Like every year
Page 40 and 41: 7. Client protection The AGDL (Asso
Page 42 and 43: The key points of the ICSD are: •
Page 44 and 45: 2009 to allow private banks to voic
Page 46 and 47: Getting a grip on Luxembourg privat
Page 48 and 49: The Retail Banking Group (RBG), whi
Page 50 and 51: 9. Luxembourg for Finance Luxembour
Page 52 and 53: 10. Training In a difficult global
Page 54 and 55: Structure of the Institute Board of
Page 56 and 57: 54 12. Appendices
Page 58 and 59: ABBL Organisation (as at 31 Decembe
Page 60 and 61: Section 1: all-purpose banks ABN AM
Page 62: Section 2: covered bonds issuing ba

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