The International Capital Market Association's (ICMA) Private Wealth Management Charter of Quality brings together the guiding principles of best practice adopted by the cross-border private banking industry. The Charter is designed to be consistent with relevant regulations, both at European and national level, and to complement principles such as the Wolfsberg Principles on Anti-Money Laundering and the global recommendations of the Financial Action Task Force.
It is the first initiative of its kind where the private wealth management industry has come together voluntarily to commit to common standards of quality, compliance and good market practice as set out in the Charter. The ABBL, through its Private Banking Cluster, was the first signatory of the Charter on 4 October 2012.
A commitment to quality wealth management services in Luxembourg
Luxembourg is the leading wealth management centre in the eurozone, with decades of experience serving the most demanding clients. Luxembourg's private bankers are specialised international intermediaries who match clients' business objectives and lifestyles with investment opportunities, while respecting the rules.
By helping entrepreneurial families pursue their international ambitions, Luxembourg private bankers help create wealth and well-being in the heart of the European Union for current and future generations. Commitment to quality of service is an essential component of this mission.
The ABBL and its wealth management centre of excellence, the Private Banking Cluster, take this commitment to service quality a step further by adhering to the highest standards of integrity, transparency and professionalism as defined in the ICMA Private Wealth Management Quality Charter. These standards include:
- Providing access to highly-skilled and adequately educated advisors
- Offering the most pertinent investment solutions and financial services
- Assisting clients comply with their legal and tax obligations
- Ensuring all investor protection measures are fulfilled
- Extending the highest levels of customer service and hospitality
As institutions operating within a global framework, the members of the Private Banking Cluster comply with all relevant international regulations governing the financial sector. This ensures that clients are fully compliant with the legal requirements of their banking relationship. The application of anti-money laundering provisions thus protects clients from any association with criminal practices.
Furthermore, in accordance with the latest investor protection rules, clients receive all necessary information about their investments. In particular, taking into account the international interests of their clients, Luxembourg private banks help their clients to comply with the tax legislation of their country of residence and provide them with the necessary tools to do so. These commitments go hand in hand with the protection of each client's right to privacy, which Luxembourg Private Banks guarantee through the rules of professional secrecy to which their staff are bound.
By constantly improving their quality of service and complying with the law, Luxembourg's private banks are setting new standards of excellence to protect their clients' assets, integrity and reputation.