Luxembourg funds: 5 indicators of efficient onboarding

April 14, 2021

Onboarding, CDD and AML protocols – especially in jurisdictions like Luxembourg to combat financial crime – can have a reputation for being tedious and frustrating experiences. But that doesn’t have to be the case.

 

Here are five qualities to look for in an administrator that indicate you may be in for a seamless, streamlined process. 

 

1. Deep experience with onboarding, CDD and AML

A tenured team understands exactly what local regulatory and internal-policy-required documentation they need for customer due diligence (CDD), anti-money laundering (AML) and financial sanctions compliance. Obtaining everything upfront, at the start of the process, reduces inefficient back-and-forth requests that add work and place additional demands on your and your customers’ time.

 

2. Jurisdictional expertise

Onboarding should be a light touchpoint activity – with your administrator engaging you infrequently and only when necessary. To achieve this, you want professionals who are proficient in multiple jurisdictions and who understand the nuances of AML requirements, regulations, structure types and required documents.

 

3. Breadth of infrastructure and resources

By choosing an organization with broad resources and an international infrastructure, you can expect streamlined processes and a standardized approach to onboarding.

“A successful service provider has systems in place to adhere to all required standards,” says David Sload, managing director of Luxembourg for U.S. Bank. “This gives you confidence that you know your customers and that you’re adhering to those standards as well.”

 

4. Advanced technology and capabilities

A technology-focused provider will have a sophisticated framework to check, monitor and assess risk during the onboarding process in an efficient fashion. They’re able to examine potential client pain points and develop flexible solutions that adapt as needs evolve while remaining compliant with policies and regulations – and therefore assist in combatting financial crime. This can produce faster turnarounds and smoother interaction overall.

 

5. An obvious desire for client service excellence

"Find a provider that prioritizes the client experience, and you can rest assured they’ll do everything in their power to make onboarding as smooth and seamless as possible,” says Didier Delvaux, country head of Luxembourg for U.S. Bank.

Look for a team that’s accessible, available and adaptable – but that also has the infrastructure, technology and expertise to support their commitment to your needs.

 

For more information on the spectrum of fund servicing solutions offered by U.S. Bank, visit usbank.com/globalfundservices.

Related content

Alternative investments: How to track returns and meet your goals

Emerging trends in Europe: An outlook from multiple perspectives

Crack the SWIFT code for sending international wires

Administrator accountability: 5 questions to evaluate outsourcing risks

5 risks you need to manage when expanding your global footprint

Easier onboarding: What to look for in an administrator

Luxembourg's thriving private debt market

3 tips to maintain flexibility in supply chain management

Programme debt Q&A: U.S. issuers entering the European market

Luxembourg funds: 5 indicators of efficient onboarding

Cayman Islands’ Private Funds Law: What you need to know

Complying with changes in fund regulations

Webinar: Key issues impacting relocation in 2021

Redefining beneficial ownership in the Cayman Islands

Case study: U.S. asset manager expands to Europe

3 reasons your Luxembourg fund needs an in-market administrator

ESG-focused investing: A closer look at the disclosure regulation

4 benefits to paying foreign suppliers in their own currency

Avoiding the pitfalls of warehouse lending

ABCs of ARP: Answers to American Rescue Plan questions for counties

Middle-market direct lending: Obstacles and opportunities

Rethinking European ETFs: Strategy wrappers and a means to an end

An asset manager’s secret to saving time and money

For small business growth, consider the international market

The benefits of bundling services for Luxembourg regulated funds

The reciprocal benefits of a custodial partnership: A case study

Depositary services: A brief overview

Combined strength: Luxembourg and your fund administrator

The benefits of a full-service warehouse custodian

Innovative payroll solutions may help attract hourly workers

3 innovative approaches to ESG investing in Europe

Webinar: Recording of the Central Securities Depository Regulation and Pivot

U.S. Bank Global Fund Services is a wholly owned subsidiary of U.S. Bank, N. A. 

U.S. Bank Global Fund Services (Ireland) Limited is registered in Ireland with the Companies Registration Office Reg. No. 413707 and Registered Office: 24-26 City Quay, Dublin 2, Ireland. U.S. Bank Global Fund Services (Ireland) Limited is authorised and regulated by the Central Bank of Ireland under the Investment Intermediaries Act, 1995. 

U.S. Bank Global Fund Services (Guernsey) Limited is licensed under the Protection of Investors Law (Bailiwick of Guernsey), 1987, as amended by the Guernsey Financial Services Commission to conduct controlled investment business in the Bailiwick of Guernsey. 

U.S. Bank Global Fund Services (Luxembourg) S.a.r.l. is registered in Luxembourg with RCS number B238278 and Registered Office: Floor 3, K2 Ballade, 4, rue Albert Borschette, L-1246 Luxembourg. U.S. Bank Global Fund Services (Luxembourg) S.a.r.l. is authorised and regulated by the Commission de Surveillance du Secteur Financier. 

U.S. Bank does not guarantee products, services or performance of its affiliates and third-party providers.

Start of disclosure content
XX-011 Equal Housing Lender
XX-014 Loan programs: credit + home
WI-031 Bank + USBI disclaimer