A
word from the new Chairman
A new page is being written…
As Jean-Marie Legendre said during the General Meeting held on March 10th,
2009, a page has been turned with the end of the first ALCO presidency and
the major renewal of its Board of Directors. Not as the expression says that “it’s
better to turn the page", that the past is to be forgotten. On the contrary
we can be proud of our Association and of the actions that were undertaken. ALCO
was one of the first Compliance Officers’ Associations to exist on the
European continent. Many envy the number of its members. It is independent, directly
made up of Compliance Officers from the financial and insurance sectors, acknowledged
by the authorities and other professional associations of the Luxembourg place.
It benefits from support of some financial institutions and the active participation
of its members, in particular through the working groups. This is a significant
asset for which we thank Jean-Marie and all those who have worked with him since
the ALCO creation.
Today we must work on this acquired experience, we must write the following page
whilst paying attention to the fact that its contents shall be at least as intense
and positive. In this time of crisis, we must consolidate and ensure the Compliance
Officer’s position, have it fully acknowledged and respected both internally
and externally. Its frameworks and precise role must be specified to tackle recent
regulations such as the Market in Financial Instruments Directive, Market Abuse,
the fight against money-laundering and terrorism financing, but also the protection
of personal data and privacy, corporate governance, and therefore be ready for
all the new regulations that the post-crisis may come with. ALCO must maintain
its vocation as a privileged contact for the regulators and supervisors. Training
needs must be re-examined, members must be supported to respond to their many
questions, they must be informed of regulatory changes, establish consistent
positions through working groups, and discuss solutions and tools. The new ALCO
website offers resources which are more dynamic, more permanent and immediate,
supplying information, interviews, and publications and therefore becoming much
more interactive for all members.
The new page that is being written shall have the primary objective of continuing
ALCO's original assignment and allowing members to meet face to face or virtually
with the sustainable objective of ensuring the interests and continuous improvement
of the Compliance function. This is the commitment undertaken by the new team
and its new Chairman. Our new team will only be able to achieve this objective
with the ideas and support of each one of you, under the condition that through
your questions, suggestions, reactions and your active participation in meetings
and working groups, you yourselves contribute to the development of our Association.
I would like to thank you for your confidence and hope that our future contribution
will be profitable.
Jean Noël Lequeue
ALCO Chairman
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/ Bulletin19 / Newsletter 19 (Fév 2010)
Interview de M Yves Mersch,Gouverneur de la Banque Centrale du Luxembourg
-La Compliance et et la crise financière
Déclaration de soupçon:
- L'ère du soupçon? Réflexions autour de la déclaration de soupçon.
Question de Membres
Table Ronde:
-Filtrage des transactions |
| |
ALCO
in brief
Fight against laundering of money of criminal
origin and against terrorism financing; integrity
of financial markets, respect for ethical principles,
all these are now important part of the financial
sector today and that influences its activities
widely.
The Compliance Officer function
has appeared among credit institutions, PSFs,
insurance companies. The Compliance Officer role
is to make sure that these institutions comply
with the current legislative, statutory and ethical
standards.
Today, the Compliance function in the financial
sector is officially recognised, on an international
level by the Committee of Basel, and locally
in Luxembourg by the CSSF. This function becomes
compulsory in all the institutions of the financial
sector in Luxembourg.
The "Association of Luxemburg Compliance Officers" for
the Financial Sector was created as of 20 December
2000.
Become a member
ALCO brings together around 400 members who
meet around varied activities: working groups,
conferences and meetings.
Become a member
today |