Article 41 of the Law of 5 April 1993 on the financial sector
("LFS"), as amended, provides for an
obligation of professional secrecy with regard to information
confided to institutions of the financial sector and their
employees or representatives in the context of their professional
activities ("Banking Secrecy
Obligation"), subject to certain exemptions also
provided for in this Article.
Substantial amendments to this provision were adopted on 27
February 2018 in order to allow these institutions to make more
extensive use of outsourcing solutions including transfers of
confidential information.
Previously, only the communication of information to credit
institutions and duly authorised support financial sector
professionals within the meaning of the LFS under a service
agreement was exempt from the Banking Secrecy Obligation. Several
circulars of the Commission de Surveillance du Secteur
Financier ("CSSF") completed the
legal framework in practice by
