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  • 14-09-2016

One of the key principles of Luxembourg financial regulation is the obligation of professional secrecy ("banking secrecy") laid down in Article 41 of the 1993 Financial Sector Act (a similar obligation exists for insurance companies). Outsourcing arrangements and especially IT outsourcing operations which can lead to the disclosure of confidential data and thus to a potential breach of the "banking secrecy", are subject to rather strict conditions.

Source: Agefi - September 2016

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