FINANCE LUXEMBOURG – LUXTRUST DOWN ON SATURDAY

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keywords: luxtrust, identification, cybersecurity, finance, banks, luxembourg. Without being informed in advance of an unavailability of the service Luxtrust, pillar of the digital identification in Luxembourg, this service is unavailable this Saturday morning. Any attempt to connect will result in the message “An error occurred.” No cause of unavailability nor time of service return is communicated. LuxTrust is a joint venture owned by the Government of the Grand Duchy with the main Luxembourg banks and the Luxembourg Stock Exchange. LuxTrust is highlighted by the Luxembourg authorities as a symbol of digital…

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LUXEMBOURG – NO STRICT LIMITATIONS ON CASH MONEY USE

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keywords: cash, cash money, terrorism financing, luxembourg. There will be no limit for cash payments in Luxembourg, according to Minister of Finance Pierre Gramegna on Monday, responding to MP Laurent Mosar (CSV). While many European countries have set limits for cash payments (Belgium, Bulgaria, Croatia, Czech Republic, Denmark, France, Greece, Hungary, Italy, Latvia, Poland, Portugal, Romania, Slovakia, Slovenia and Spain) this is not the case in Luxembourg. The Minister reminds that the European directives on money laundering and the financing of terrorism did not provide for such limitations. However, even…

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BANKS LUXEMBOURG – BIL OFFICIALLY BOUGHT BY CHINESE GROUP

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keywords: banque internationale, bank finance luxembourg, legend group, luxembourg. For months, close persons with the matter have informed the press (Bloomberg and Washington Post) that the Chinese holding company Legend Holdings Corporation (owner of Lenovo) has bought 90% of the Banque Internationale à Luxembourg (BIL), it is now the Minister of Finance in person who confirms the information. While the amoun of the transaction has not yet been disclosed, Minister Gramegna also specifies in a statement on Friday that BIL being a systemic bank the transaction will have to be…

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LUXEMBOURG – DIGICASH BOUGHT BY A BELGIAN COMPANY

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keywords: digicash, mobile payments, startups, fintechs, luxembourg. In this August 02, the news has made noise in the world of Luxembourg FinTechs. Indeed this Wednesday the purchase of Digicash by Payconiq is announced. Digicash, which claims 25% of Luxembourg residents as users of its mobile payments with a professional or between individuals passes under Belgian Payconiq flag, equivalent payment solution in Belgium, supported by ING and KBC. Payconiq aims to become a European leader and the strategy of buying local leaders is chosen to achieve this goal. The amount of…

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LUXEMBOURG – STRICT LIMITATIONS ON CASH MONEY SOON ?

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keywords: cash, cash money, terrorism financing, luxembourg. One way to fight terrorism is to prevent its financing. The procedures for tracing banking transactions are increasing and are so effective that potential terrorists no longer use the traditional banking system for transfers. Recent attacks in Europe have been financed either by consumer loans or by cash exchanges. States are gradually introducing legislation to restrict the use of cash money. To take only our neighbours, this is the case in France since September 1, 2015 where a cash payment is allowed for…

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FINANCIAL SECURITY – BIL TO BE BOUGHT BY CHINESE GROUP

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keywords: banque internationale à luxembourg, qatar, legend group, luxembourg. According to the Washington Post and Reuters a person close to the matter told them that the Banque Internationale à Luxembourg (BIL) is about to be bought by the Legend Group, a Chinese giant that owns Lenovo Group. The price of BIL bank would be between 1 billion and 1.5 billion euro. The Qatari owner was considering a price close to 1.5 billion euro at the time of the sale consideration announcement. BIL is a systemic bank for the Luxembourg economy….

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BGL BNP PARIBAS – INTERNATIONAL HACKATHON STARTS

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keywords: bnp paribas group, international hackathon, luxembourg. The 3rd international hackathon started in a relaxed atmosphere in Luxembourg yesterday Friday at 6 pm. While in recent weeks the Luxembourg banking sector was in a state of disrepair and trade union talks stalled, it has not been the case since yesterday at the head office of BGL BNP PARIBAS in Kirchberg where the Luxembourg part of the BNP PARIBAS Group international competition in a good-natured atmosphere. This hackathon, a computer development marathon, takes place simultaneously in 10 cities (Paris, Brussels, San…

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LUXEMBOURG – BANKS RESULTS ARE INCREASING BIG

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keywords: banks, cssf, luxembourg. The Financial Sector Supervisory Commission (CSSF) publishes Wednesday the banks results of the Luxembourg Place in the first 3 months of 2017 compared to the same period of 2016. The result, before provisions, increased by 7.3%. Personnel costs increased by only 0.9% year-on-year. These figures are published during negotiations on the new banking collective agreement and a few days after protest pickets in the face of the ABBL’s wish not to pay the economic bonus (also known as the “June bonus”). Share this page with:

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LUXEMBOURG – CRYPTOCURRENCY AT CENTRAL BANK SOON ?

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keywords: cryptocurrencies, bitcoin, central bank luxembourg. Interest in cryptocurrencies is growing throughout the world. First of all by the “geeks” who see them as a great success of financial technology (FinTech). Secondly, by those who wish to make payments outside the usual financial circuits in order to limit their traceability. Finally, in order to safeguard its assets (and even the financial system as a whole) after the risks generated by the 2008 crisis on the global banking system based on the centralization of the issuance and control of the currency. The Bitcoin…

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BANKS – EMPLOYEES PROTEST AT BGL BNP PARIBAS

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keywords: bgl bnp paribas, collective agreement, banks luxembourg. At the call of the main trade unions of Luxembourg banking sector, BGL BNP PARIBAS bank will know a “picket of protest” at the foot of one of its head office buildings in Kirchberg in front of the hospital on Thursday 01 June 2017 from 11:30 to 12:00. The ALEBA, OGB-L and LCGB-SESF unions refuse the decision of the bank’s management not to pay the “conjuncture bonus” issued in June of each year as stipulated in the collective agreement. Negotiations on the new…

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BANKS – NO CONCRETE OFFER TO BUY BIL SAYS MINISTER

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keywords: finance, bank, financial security, systemic risk, bil, luxembourg. Since the revelation by Bloomberg last week of the possible sale of Banque Internationale à Luxembourg (BIL) by its Qatari majority shareholder, rumors are going on about the future of this pillar of the Luxembourg economy. To the point that the national representation questions the Minister of Finance Pierre Gramegna. The Minister declared on Friday, May 5, that to his knowledge no offer to buy was made on BIL (and in particular the state share) and that in case of shareholder…

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MY MONEY – The new 50 euros bank note is coming – Why and How

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keywords: counterfeit banknotes, counterfeiters, tamper-resistant, scam, luxembourg.   Remember, when presenting the current euro banknotes, the representative of the European Central Bank (ECB) asserted that they were inviolable and tamper-resistant. Yes, but it was underestimating the ability of counterfeiters to adapt and circumvent the banknotes security marks thanks to an ever more sharp and always less expensive technology, making counterfeit notes difficult to detect. And after the 50 euros counterfeit banknotes circulating in Luxembourg alert at Christmas last year, it became urgent for the ECB to take the lead. And it…

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LUXEMBOURG – Fake (counterfeit) banknotes in circulation – ALERT

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According to several prominent banking sources in the Luxembourg market, a considerable amount of counterfeit notes is currently circulating in the Grand Duchy. These are mainly 50 euro notes with thicker than normal paper and a matte hologram. They may seem easily detectable but counterfeiters want to take advantage of the crowd that is currently found in the Christmas market and in boutiques, Luxembourgers preparing their Christmas gifts and are less attentive, as well as traders. We therefore draw your attention to these counterfeit notes. Know that a fake note…

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