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About ALCO
The "Association of Luxembourg Compliance Officers" for the Financial Sector was created as of 20 December 2000.
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.
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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.
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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.
governance
CHAIRMEN
HERVE BALLONE
Conducting Officer, Chief Compliance Officer & MLRO of The Carlyle Group (CIM Europe)
MARIE BOURLOND
Chief Compliance of Banque Internationale à Luxembourg, S.A. (BIL)
VINCENT SALZINGER
Chief Compliance Officer for Credit Suisse Luxembourg and
its branches.
EXECUTIVE DIRECTOR
TREASURER
MARIE GRILLOT
Executive Director of ALCO
XAVIER LEYDIER
Executive Director FCP – C&ORC Specialist
UBS ESE Luxembourg
BOARD MEMBERS
Directors
SYLVAIN AUBRY​
CITI
HERVE BALLONE​
Carlyle
MARIE BOURLOND​
Banque Internationale à Luxembourg, S.A.
SUNDHEVY DEBRAND
Gen II Luxembourg
Services SARL
ANNA ROEHRS
Luxembourg Stock Exchange
VINCENT SALZINGER
Crédit Suisse
XAVIER LEYDIER
Executive Director FCP – C&ORC Specialist
UBS ESE Luxembourg
Advisors
GIOVANNI CATALDI
Alliance Bernstein
STEVEN CURFS
Engelwood Group
SOPHIE DUPIN
Elvinger Hoss Prussen
SORAYA GUERIN
European Investment Bank
KARINE LAURENCIN
Amundi
CECILE LIEGEOIS
PwC
BERTRAND PARFAIT
Deloitte
SYLVIE RÉMONT
Banque de Luxembourg
history
These years have been rich in events and allowed ALCO to become one of the recognised players in the Luxembourg financial industry.
In the beginning, some Compliance Officers from the financial sector met up and began by making note of their differences. This is because Compliance Officers came from various backgrounds such as former lawyers, finance professionals, or even internal auditors.
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Connected to more "senior" structures such as the legal department or internal audit, or - conversely – independent structures reporting directly to the top of the organisation, the Compliance function has not always been able to find its place within the organisation. Above all, the Compliance function’s objectives were sometimes vague and could not always be distinguished from those of internal audit.
This raised the necessity of defining more clearly the role and status of the Compliance Officer. As a result, ALCO was created in December 2000 with about thirty members. From the beginning, ALCO benefited from encouragement and support from the regulatory authorities of the financial sector, as well as from other professional associations.
ALCO has developed very fast – today it has more than 1700 Members representing more than 150 institutions. Its standing is recognised: ALCO is frequently consulted by the Authorities in diverse instances and is also invited to participate in various works, most notably those concerning the fight against money laundering.
Since October 2004, and just like the internal audit function, the Compliance function has been officially recognised by the financial sector.
Having reached its first stage of maturity, ALCO opened up to the insurance sector in 2002. Indeed, the ethical obligations of the financial sector do not differ, in their principles, from those of the insurance sector.
Today, ALCO contributes by its action to enrich and reinforce the image and reputation of the Luxembourg market.
Objectives
ALCO aims to bring together Compliance Officers in order to:
Constitute
A national representative body
Work Out
A harmonised approach with regard to laws and regulations
Engage
In dialogue with relevant authorities