Dec 01 2019
On November 28, 2019, the Association of Business Consulting Specialists hosted the East West United Luxembourg Bank.
The meeting began with the opening address of the Chairman of the Board of ACBK, Arkady Kerner, who greeted all the guests and thanked the representatives of East West Bank for their interest in the work of the Association and the desire to sanctify and analyze in more detail the new tax transparency rules in Europe.
At first, the floor was given to Natalia Perkhova, East Sales and Trade Finance Director of East West, who presented the bank. Natalia spoke about the advantages and strengths of the bank, as well as about the services provided for private and corporate clients from Europe, Russia and the CIS countries. Then Natalia introduced Anna Kramer, an expert at Compliance.
In the first part of her presentation, Anna Kramer told the participants about the approach of the Luxembourg Financial Markets Supervision Commission (CSSF) to the implementation of tax controls in the AML / CFT legislation, namely the application of CSSF Circular No. 17/650 - Guidelines for the application of national regulation on predicates tax crimes to strengthen customer screening and collaboration with authorities. The key requirements for customers were examined in detail, and a list of 21 indicators was indicated for the participants, indicating possible money laundering in case of tax evasion, if any should be reported to the Financial Monitoring Department. The list is a set of criteria that assess tax transparency, activity and transactions, as well as documents and communication. Anna shared with the participants the results after the first years of applying the Circular and the latest market trends.
The second part of the meeting was devoted to the new compulsory disclosure rules (DAC 6):
- What will change after DAC6?
- Who and when will have to report?
- What will it be necessary to report?
Circulars were also described and the current situation in the EU was reviewed.
The meeting was very informative. The participants asked a lot of clarifying questions, because it is very rare to talk with a representative of the Compliance department of a well-known European bank.
By tradition, the evening ended in an informal setting. At the buffet table, all the guests for a long time discussed the pressing issues of opening bank accounts in Europe.
We thank the Luxembourg Bank East West United for an interesting meeting and all the guests for their active participation in the meeting!Archives →