Smart contracts are becoming more popular, controlling the distribution of products and services and automating payment via a cryptocurrency e-wallet once the contract has been satisfied.

What are the legal implications of this in your opinion and have you dealt with any smart contracts? It is currently a question among Luxembourg scholars whether smart contracts are, or are not, true contracts. The majority of authors believe that smart contracts constitute a way to execute contracts, rather than the actual conclusion of […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

How does your firm work with General Counsel in making sure the board fulfils its duty to monitor— not only in terms of addressing director liability problems as they emerge, but also in proactively minimising the risk of future events?

Corporate Governance and directors’ liabilities are a key subject in board agendas. As legal counsel to many Luxembourg regulated and non-regulated companies, we continuously ensure that these subjects are appropriately addressed and documented in the minutes of board meetings. We also often attend board meetings, or advise Chairmen or General Counsel, to ensure that board […]

Benoît DuvieusartPartner, duvieusart ebel, avocats associés

What are some of the key KYC/AML regulations in Luxembourg that clients should be aware of?

Luxembourg has a comprehensive and extensive anti-money laundering and countering the financing of terrorism (AML&CFT) legal, regulatory and institutional framework based for the most part on EU instruments and FATF standards. In Luxembourg the Financial Supervisory Authority (“Commission de Surveillance du Secteur Financier”, CSSF) issues the applicable AML/CFT laws for the financial sector. The main […]

How do we help clients manage the balance between regulatory risk and business specific risk in terms of AML?

One of the obligations supervised entities have under AML law, refers to ongoing measures of vigilance around clients which are applied according to a risk-based approach (RBA). These measures of vigilance are applied, not only in the beginning of business relationship, but also during the course of the business relationship.  The RBA states that an […]

What safeguards do we have in place to ensure the quality of the new clients we work for?

Our clients are mainly multinationals, private equity firms, investment funds and high net worth individuals.  Each of our prospective clients is assessed individually for pre-acceptance and one of the first factors considered (and which helps build trust) is the origin of the relationship. Criteria such as length of the business relationship with the business feeder, frequency […]