Compliance & Financial Crime Compliance Salary Report 2023 – Luxembourg

The Danos Associates publishes its latest “Compliance & Financial Crime Compliance Luxembourg Salary Guide 2023”. This report outlines salaries for roles within “Investment Fund Managers” and “Private Banks”. It also includes key market insights including:

Market Insights

• Luxembourg remains the fund hub of Europe. Following the pandemic, the Investments Funds Market has increased reaching an all-time high with EUR 5.9 trillion in net assets under management, putting them as the largest Investment Fund Centre in Europe and the second largest in the world after the US.
• Private Equity has been the fastest growing asset class at 29.9%, followed by Equity and Funds of Funds with an increase of 29.8%, and 25% in Assets.
• There has been increasing scrutiny from the CSSF (Commission de Surveillance du Secteur Financier) especially on Financial Crime. From June to December 2022, there have been several updates to the EU’s Anti-Money Laundering (AML) agenda. The CSSF have emphasised this by making it a requirement that funds must establish two functions responsible for managing their AML and CTF (Counter-Terrorist Financing) reporting, this has increased the demand in senior Financial Crime professionals.
• ESG (Environmental, Social and Governance) has been a key pillar in the last 12 months, with Investment Fund companies making it an integral part of their business strategy. Many have and more will significantly increase their number of funds that promote environmental and social characteristics over the coming months.
• Inflation has led to candidates demanding significantly higher upticks in salary, with candidates moving for an increase of 18% minimum.
• Due to the increase in Compliance and Financial Crime roles in the market, the strongest candidates tend to have on average of three to five interviews with different financial institutions simultaneously.
• Companies are implementing aggressive talent retention measures, such as flexible working, early promotions, and counteroffers for existing employees.
• Overall, with the COVID-19 pandemic and the heightened pressure from the CSSF, Luxembourg remains resilient and will continue to see an increase in demand for top-calibre Compliance and Financial Crime professionals across Financial Services.

Request your free report with all the market insights and compensation levels, please contact our Luxembourg hiring expert:

Isabel Anchebe l Associate Director, Head of Compliance, Europe
+44 (0) 203 889 5758 l ianchebe@danosassociates.com