| BIL reinforced its compliance framework | https://www.bil.com/en/bil-group/pressroom/news/Pages/BIL-reinforced-its-compliance-framework.aspx | BIL reinforced its compliance framework | | <p>As a significant and responsible member of the financial community of Luxembourg, Banque Internationale à Luxembourg is constantly updating its policies and processes to adapt to changing anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. The Bank is committed to ensuring the highest level of compliance standards at all times when it comes to the fight against money laundering and financing of terrorism, fully supporting the CSSF in its supervisory mission.</p>
<p>During on-site inspections in 2017 and 2018, the CSSF identified certain weaknesses in the Bank’s processes which were in place at the time. These inspections concerned a sample of clients from the Commonwealth of Independent States, thus representing a limited segment of customers whose inherent risk is generally to be considered high. As a result, the CSSF decided to impose an administrative sanction of 4.6. million euros, which is a proportion of the Bank’s total annual revenues. The fine is related to the Bank’s processes which were in place at the time of the inspections.</p>
<p>No money laundering or terrorism financing activity was identified.</p>
<p>With the support of the new shareholder structure and under the leadership of the new CEO, BIL promptly took appropriate measures to remediate the identified weaknesses. The Bank has since defined a new and strict AML Risk Appetite Statement and related Wealth Management Compliance Guiding Principles, recruited additional compliance specialists and increased AML/CTF training and awareness. Compliance tools, i.e. the AML scoring engine, were upgraded and implemented.</p>
<p>BIL wishes to reiterate its complete cooperation with the CSSF in its supervisory work.</p>
<p>Marcel Leyers, CEO of BIL: “<i>When I was appointed CEO, it was my key priority to ensure that BIL’s compliance governance and procedures were further strengthened to ensure the highest standards are applied at all times. The identified weaknesses have been corrected in an appropriate manner.<i>”</p> | 8/10/2020 11:00:00 AM | | |
| Art2Cure exhibition will fund Covid-19 related research | https://www.bil.com/en/bil-group/pressroom/news/Pages/Art2Cure-exhibition-will-fund-Covid-19-related-research.aspx | Art2Cure exhibition will fund Covid-19 related research | | <p>The exhibition can be visited at BIL’s Galérie Indépendance in Luxembourg city (69 route d'Esch, L-2953 Luxembourg) from 20 July to 20 September 2020. For health and safety reasons, the official opening takes place as a live stream on the Art2Cure Instagram, which will be filmed in the gallery on Saturday 18 July at 15.00, in presence of many of this year’s artists.</p>
<p>In addition, a dedicated website will show artworks on display and sale. Visit the <a href="https://www.bil.com/galerie-lindependance/art2cure/index.html">website</a>.</p>
<p>Join the live stream on the open <a href="https://www.instagram.com/art2cure/" target="_blank">Instagram account</a>.</p>
<p>As with all Art2Cure exhibitions, artworks are sold at market value and revenues are split evenly between the cause and the artists.</p>
<p><b>The artists</b></p>
<p>18 Luxembourgish artists participate in the exhibition, including painters, sculptors, mixed media artists, drawers and photographers. Some of the artists, such as painter Joachim Van der Vlugt and graffiti artist SUMO, have participated in earlier editions of the event.. Among the newcomers are Nora Juhasz, a Luxembourg-based painter from Hungary who enchants with her portrayals of quirky characters. Another new addition is Joël Rollinger, well-known in the Grand-Duchy for his urban murals (for example on the Place du Théâtre), who shows a fresh side of his art with his series of wood-collages and paintings.</p>
<p>All participating artists:</p>
<p>Sandra Biewers; JKB Fletcher; Sascha Di Giambattista; Thomas Iser; Diane Jodes; Frank Jons; Nora Juhasz; Francoise Ley; Nuno Lorena; Chantal Maquet ; Sali Muller; Jim Peiffer; Martine Pinnel; Joël Rollinger; SUMO; Stéphanie Uhres; Joachim Van der Vlugt; Julie Wagener.</p>
<p><b>About Art2Cure</b></p>
<p>Art2Cure is a non-profit organisation that organises art exhibitions to raise funds for research carried out by Luxembourg-based researchers. Created in 2014 by Philippe Lamesch, Head of fundraising at the University, and Gilles Weidig, Art2Cure has organised several exhibitions in Luxembourg and abroad, with an increasing number of artists becoming involved. Since 2015 Art2Cure has raised more than 100 000 euros to support biomedical research at the University of Luxembourg, especially in the field of Parkinson's disease and rare childhood diseases.</p>
<p>COVID-19 marks a turn in the non-profit organisation’s approach, as funds will contribute to research projects related to the pandemic.</p>
<p>Contact: <a href="mailto:art2curelux@gmail.com">art2curelux@gmail.com</a>.</p>
| 7/17/2020 3:00:00 PM | | |
| Instant payments: not a second to lose! | https://www.bil.com/en/bil-group/pressroom/news/Pages/Instant-payments-not-a-second-to-lose.aspx | Instant payments: not a second to lose! | | <p>Want to transfer money to a friend for a holiday rental? Need to send money to a loved one in an emergency? Now you can with a new payment service that BIL is offering. Available 24/7, 365 days a year, instant payments allow you to transfer euros in 10 seconds. Initially only for transfers from and to accounts held with BIL, starting in September 2020, it will also be possible to make transfers to an account at another eligible SEPA (Single Euro Payment Area) bank.</p>
<p>How does it work? Nothing could be easier. As with a standard transfer, clients can choose between online or mobile banking via the BILnet app. When the payment instruction is entered, BILnet will automatically detect whether it is eligible for instant processing. If a client chooses the instant payment option, beneficiaries of the funds can use them immediately. Further information as well as the terms and conditions are available on <a href="https://www.bil.com/static/BILnet/instant-payment/index-en.html">www.bil.com/instantpayment</a>.</p>
<p>“<i>With the launch of instant payments, we are offering our clients yet another practical, user-friendly service for their daily needs. This perfectly complements the work of our advisers, who help clients make their plans possible,</i>” says Didier Richter, Head of Daily Banking and Payments at BIL.</p>
<p>The bank’s philosophy is to be both more digital and more human, which is again reflected in this new service. The main role of its Relationship Managers is to offer advice and help clients achieve their goals. At the same time, the bank is constantly innovating and improving its BILnet online banking platform with new features so that clients can enjoy practical, simple and secure services 24/7.</p> | 7/10/2020 4:00:00 AM | | |
