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What is the use of getting the PSF certification in Luxembourg?

Luxembourg is proud of the PSF certification to provide a secure and confidential processing of the data.
To guarantee the confidentiality of their clients of the financial sector many companies are subjected to the monitoring by the CSSF.
As CetrelSecurities explains , the professional of the financial sector status (PSF) is an official business status set out under the Luxembourg law. This status underlines an expertise as a professional in the Finance Sector and guarantees a secure and confidential processing of the data. Steria states the same idea explaining that to guarantee the confidentiality and the typical professional attitude for the banking environment, the company is subjected to the monitoring by the CSSF. Every professional share the same values of confidentiality under the monitoring by the CSSF.

The problem comes from the ab(use) of the status to prevent the truth in a trial whatever matter: civil, commercial or penal.

Some companies acting as a PSF in their motivation before the justice may lodge a complaint against a former employee to intimidate him or her in money laundering, fraud or corruption issues including on facts the confidentiality of which is fairly questionable.

Therefore the PSF certification might be canted unless it is knowingly intended to prevent the truth and protect illegal or abusive activities or behaviors because of the CON-FI-DEN-TIA-LI-TY.

14:55 Posted in Luxembourg | Permalink | Comments (0)

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