LUXEMBOURG

Luxembourg leads the ranks of the richest European countries. This is a small and highly developed country that is considered a major tourism and financial centre. 

Despite the very modest size of the country, the banking system in Luxembourg is highly developed. A large number of local and international banks operate in Luxembourg. About a quarter of them are subsidiaries of foreign banks from such countries as Germany, France and Switzerland. There are also many investment banks operating in the country.

The financial regulator of Luxembourg is the Central Bank, namely BCL (Banque centrale du Luxembourg), while the CSSF (Commission de Surveillance du Secteur Financier) has a supervisory function. The interference of state agencies in the banking sector is minimized, but Luxembourg banks themselves are subject to certain obligations in the framework of the fight against illicit financial flows and terrorism. These measures include the identification of beneficial owners and sources of funds, strict control over transactions, especially cross-border ones, as well as other measures. If a client successfully passes all the checks and opens an account at a bank, he / she is provided with the comprehensive range of banking services and full confidentiality. The security of deposits is guaranteed. The loyalty to non-residents is also ensured.