How is WEALINS’ Legal, Compliance and Risk team organised to respond to the challenges facing the Luxembourg life insurance sector?
WEALINS’ Legal, Compliance and Risk team is made up of 20 employees of various nationalities, who contribute their expertise based on their specialities (technical, language, etc.) and the areas for which they are responsible. It plays a strategic role in supporting developments in the Luxembourg life insurance sector in each of our ten markets. Our organisation is based on an integrated and proactive approach.
The team monitors developments on an ongoing basis, following legislative and regulatory changes at national and European level in order to anticipate the impact on our business and ensure strict compliance. It also implements a robust governance framework based on the identification, assessment and control of operational, legal and regulatory risks, which is regularly adjusted to respond to emerging market challenges.
At the same time, WEALINS actively promotes a culture of compliance. This culture is based on ethics, transparency and responsibility, with employees constantly made aware of regulatory requirements and best practices in our sector.
Finally, we take a cross-functional approach: the team works closely with other departments, such as sales, wealth planning and investment. Together, we work to secure strategic projects, validate products and support our partners and their clients in complying with regulatory standards. This also applies to the establishment of new relationships or investments in non-traditional assets such as private equity. This organisation enables WEALINS to respond with agility and rigour to the challenges of the sector, while strengthening the confidence of our partners and their clients.
What regulatory changes are expected in the sector? How is your team anticipating and implementing these changes at both European and local level (in our various core markets)?
The Luxembourg life insurance sector is preparing for a major regulatory transformation in 2026, with the entry into force of several key European and national pieces of legislation. WEALINS’ Legal, Compliance and Risk team is fully mobilised to anticipate these changes and ensure smooth and rigorous compliance.
Among the expected changes is the final revision of the Solvency II Directive, which will strengthen the sector’s resilience by integrating ESG risks and adjusting capital and governance requirements.
The European Retail Investment Strategy (RIS) will impose greater transparency on product fees and governance, directly impacting contract distribution.
The DORA regulation will enter a phase of extended application, with new requirements for digital resilience, particularly in terms of ICT provider management and incident traceability.
The Anti-Money Laundering (AML) package will introduce enhanced obligations from July 2026, particularly with regard to sanctions screening, monitoring and reporting.
The Insurance Commission is planning new circulars on governance, outsourcing, managed management and cross-border compliance, with a particular focus on BC/FT typologies and contractual mechanisms related to DORA, not to mention a revision of Circular 15/3.
To address these challenges, the team is adopting a structured and agile approach.
It actively monitors regulations by following European (EIOPA, European Commission) and local (CAA, ACPR, FSMA, IVASS, etc.) publications related to all our markets.
Each development is subject to a cross-functional impact assessment, incorporating legal, operational and technological dimensions.
Action plans are implemented ahead of deadlines, with clear milestones and monitoring indicators. The team also organises training and awareness sessions for employees and partners to ensure a shared understanding of the new obligations.
The digitisation of compliance processes enables the automation of traceability, the centralisation of alerts and the production of consolidated reports for management that comply with regulatory requirements.
What measures does WEALINS implement to control and optimise risk and compliance management (AML, etc.)?
At WEALINS, risk control and regulatory compliance are fundamental pillars of our governance. The Legal, Compliance and Risk team takes an integrated, rigorous and evolving approach to meet the growing demands of the Luxembourg life insurance sector.
In terms of anti-money laundering (AML) and counter-terrorist financing (CTF), it implements enhanced vigilance measures through in-depth know your customer (KYC) procedures, including verification of the origin of funds, identification of beneficial owners and monitoring of risk profiles.
Our technological solutions enable automated sanctions screening, i.e. the systematic and automated filtering of customers, partners and transactions against international sanctions lists.
Teams receive ongoing training in identifying ML/TF patterns in order to detect suspicious transactions and report them to the compliance unit, in conjunction with the FIU.
Regular internal audits and compliance checks ensure the effectiveness of the AML system and its alignment with the requirements of the CAA and the European framework.
With regard to operational, legal and regulatory risk management, the team establishes a dynamic map of the risks inherent in activities, products and processes, which is regularly updated, with appropriate mitigation plans.
A dedicated committee monitors risk indicators, validates control mechanisms and analyses incidents. A culture of compliance is also actively promoted among employees through targeted training, internal campaigns and educational materials adapted to regulatory changes.
WEALINS constantly strives to innovate in order to improve efficiency. What initiatives have been implemented within your department?
In a constantly changing regulatory environment, innovation is a key strategic lever for enhancing the efficiency and responsiveness of WEALINS’ Legal, Compliance and Risk department. Several initiatives have been implemented to transform internal practices and anticipate the challenges facing the Luxembourg life insurance sector.
Among the projects under consideration we also have LegalFly, an intelligent platform dedicated to regulatory and tax monitoring. At the heart of this solution, the AI Legal Radar agent plays a key role in ensuring the automated detection of regulatory and tax developments by continuously analysing European (EIOPA, ESMA, Commission) and local (CAA, CSSF) publications and identifying and classifying relevant texts according to their potential impact on activities. Based on activity profiles and key markets, Legal Radar issues targeted alerts and provides operational recommendations to facilitate compliance.
Other initiatives illustrate this dynamic of innovation, such as the digitisation of compliance controls with automated solutions for monitoring AML obligations, transaction traceability and regulatory reporting.
Contract process automation has also been enhanced through intelligent workflows for legal document validation, delegation management and commitment tracking.
An augmented training approach has been rolled out, with interactive and personalised modules aimed at strengthening the culture of compliance among employees and partners. These actions reflect WEALINS’ desire to position the Legal, Compliance and Risk function as an agile, innovative and strategic player serving the sustainable performance of the company.
To learn more about WEALINS’ governance and how it supports regulatory changes in Luxembourg life insurance on a daily basis, Connect with our Experts.
