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

/ 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.