Objective
Familiarize Luxembourg public with the news of financial inclusion sector

Partners
Banque de Luxembourg, InFiNe.lu

Some key figures since its creation in 2006
44 events, 74 speakers from around the world, 33 associate partners and sponsors


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The "Midis de la microfinance et de l'inclusion financière" are conferences held in Luxembourg, that are dedicated to the issues and changes in the financial inclusion industry.


Midi terrorisme


45th Midi de la Microfinance et de l'inclusion financière

Inclusive finance versus terrorism: compliance, anti-money laundering and development

Wednesday, October 10, 2018, from 12.00 to 14.00
Banque de Luxembourg
14 Boulevard Royal
L-2449 Luxembourg
 

Recent events have increased the necessity for anti-money laundering and combating terrorist financing (AML/CFT) measures to be taken globally. Thus, all financial providers of any kind are now subject to compliance regulations and obligations vis-a-vis their clients, in order to prevent and detect any misconduct. How do these measures impact microfinance institutions on the ground? How to reconcile these highly technical measures with access to financial services for the poorest, a means to promote development and as such peace in the Sahelian regions? What role can and should Luxembourg play as the world’s leader in microfinance investment funds? 

 

Money laundering and terrorism financing: economic development threats
The International Monetary Fund defines money laundering as “a process that consists of giving a legitimate appearance to money that, in truth, comes from illicit activities such as drug trafficking, arms trafficking or criminal activities, among others.” By continuity, terrorist financing is the act of providing or raising funds that can be used to commit an act of terrorism. Finally, these two factors can threaten the financial stability of a country and as such impede its development.

AML/CFT regulations in response to these threats
In order to combat these financial malpractices, the international body FATF (Financial Action Task Force on Money Laundering) has put in place a number of regulations. Since then, financial institutions have a duty of compliance, or in other words, of compliance and vigilance towards their clients, i.e. they must systematically verify their identity to ensure that they are who they claim to be and do not present any terrorist threat or history.

The limits of AML/CFT regulations for microfinance
AML/CFT regulations impose obligations that, while they lend themselves well to financial institutions in developed countries, are in contrast not very applicable in developing countries that have unsophisticated identification systems. In the case of microfinance clients, for example, it is impossible to verify the residence address of people who share a dwelling with others, and have no land title, electricity bill or other proof of domicile. In addition, these measures are often costly because they require the placement of supervisors at various locations for daily transactions, which affects the cost of basic services. Many service providers may then decide to abandon this customer segment which is too difficult to provide and, above all, not very profitable. Yet it is often in these areas where microfinance must be present! This is where it must play its full role and promote the emancipation of a population excluded from the financial system.

Microfinance institutions to encourage development
Faced with these measures, what are microfinance institutions doing to continue to serve their clients, encourage financial inclusion while respecting compliance measures? The challenge is all the more difficult when some cooperatives are located in areas where troops supported by the G5 Sahel and jihadist groups are fighting. Mrs Azaratou Sondo, Deputy Director General  in charge of the Network at the Faîtière des Caisses Populaires du Burkina (FCPB), the Burkina Faso's largest microfinance institution, knows the reality on the ground. For this 45th Midi, she will tell us about the obstacles she has to face on a daily basis within her various agencies scattered throughout the country (risk of money laundering, compliance, fight against terrorism...) and will reveal to us what solutions have been put in place within her institution to find the right balance between security and access to financial services for the most disadvantaged.

This Midi will also welcome Mrs Sundhevy Debrand, member of the Association Luxembourgeoise des Compliance Officers (ALCO) and Chief Compliance Officer at Quilvest Luxembourg Services S.A., who will testify to the actions implemented in the country in terms of regulation.

Luxembourg’s place in the fight against terrorism
Luxembourg was among the first countries to adopt a law to combat money laundering. Initially limited to drug trafficking, this fight has gradually been extended to the financing of terrorism, following the numerous attacks over the past 20 years.

Today, the country is one of the world's leading financial centres with recognized expertise in asset management, and holds more than 50% of microfinance investment funds. Some of these funds are used for development purposes in the countries of the South. What measures should therefore be taken to ensure that these funds are used properly - to promote financial inclusion - and to prevent possible embezzlement?

Mr Raymond Schadeck, President of Investing for Development SICAV (Luxembourg), will conclude by talking about the role of investment funds that lend to microfinance institutions in the countries of the South, their importance for development but also their action to monitor the proper use of funds. He will discuss the constraints to which funds that want to invest in the South are subject and how they work with the Luxembourg government to prevent laundering.

The discussion will be moderated by Mr Luc Vandeweerd, Board member of ADA.


Welcome address

  • Banque de Luxembourg - Mrs Sarah Khabirpour, Head of Compliance

Speakers

  • Mrs Azaratou Sondo, Deputy Director General in charge of the Network at the Faîtière des Caisses Populaires du Burkina (FCPB), Burkina Faso
  • Mrs Sundhevy Debrand, member of the Association Luxembourgeoise des Compliance Officers (ALCO) and Chief Compliance Officer at Quilvest Luxembourg Services S.A.

Moderation

Closing remarks

  • Mr Raymond Schadeck, President of Investing for Development SICAV, Luxembourg

Programme:

11.50: Admission to the event - Closing doors at 12.00 (latecomers pass by the top of the auditorium)

12.00: Welcome remarks - Mrs Sarah Khabirpour, Head of Compliance at Banque de Luxembourg

12.05: Debate "Inclusive finance versus terrorism: compliance, anti-money laundering and development":

  • Mrs Azaratou Sondo, Deputy Director General in charge of the Network at the Faîtière des Caisses Populaires du Burkina (FCPB), Burkina Faso
  • Mrs Sundhevy Debrand, member of the Association Luxembourgeoise des Compliance Officers (ALCO) and Chief Compliance Officer at Quilvest Luxembourg Services S.A., Luxembourg

Moderator: Luc Vandeweerd, Board member of ADA, Luxembourg

12.35: Questions and answers with the audience

12.55: Closing remarks - M. Raymond Schadeck, President of Investing for Development SICAV, Luxembourg

13.00: Lunch offered to the participants


This conference will be in the form of a discussion of 30 minutes between the different participants.

The conference will take place in French.
Participation in this 45th Midi is free, but registration is compulsory.

Please arrive no later than 5 minutes before the start of the conference and do not use the parking lot of the Banque de Luxembourg, which is strictly reserved for customers. We advise you to favor public transport.

 

Participants are informed that they are likely to appear on photos and / or videos taken during this event. These photos and / or videos can be used on media published by the organizers of the event.
However, if you object to the right to the image, thank you to manifest with our teams on the spot before the beginning of the event.

The data collected during your registration are processed in accordance with the provisions of the law on the protection of individuals with regard to the processing of personal data. You have a right of access to your data and you can request their correction or deletion. You can contact us: .


Speakers of the Midi

Azaratou Sondo/Nignan, Deputy Director General in charge of the Network at the Faîtière des Caisses Populaires du Burkina (FCPB), Burkina Faso

Graduate of Higher Education at the Technical Institute of Banks in Paris, a Master in Sociology (rural sociology option) from the University of Ouagadougou, a Master in Business Communication from the African Institute of Management (IAM-Ouaga), a Master in Communication for Sustainable Human Development (IPERMIC, University of Ouagadougou). Mrs Sondo Azaratou started her professional career in 1996 in the "rural credit" component of the Sissili Rural Development Programme where she held the position of deputy project manager in charge of setting up village savings and credit cooperatives.

She returned to the FCPB in 1999 where from 1999 to August 2004 she was coordinator of the savings credit with education program at the Union Régionale des Caisses Populaires du Nord.

From September 2004 to June 2010, she was promoted to the position of Regional Director of the Caisses Populaires du Nord, where she was involved in the consolidation and development of the credit unions in the northern region.

From July 2010 to July 2015, she held the position of Marketing and Communication Director at the Faîtière des Caisses Populaires du Burkina where she was responsible for the development and coordination of the FCPB's business plans, marketing policies and communication strategies.

Since August 1, 2015, she has been appointed Deputy General Manager in charge of the Network at the Faîtière des Caisses Populaires du Burkina.

From 2002 to 2010, she was responsible for the Financial Innovation Centre's coordination and monitoring of new product development at FCPB.

She has been a director of CIF Assurance Vie Burkina since July 2014.

Since May 2017, she has been President of the Professional Association of Decentralized Financial Systems of Burkina Faso and Second Vice-President of the Federation of Professional Associations of Decentralized Financial Systems of WAEMU at the national and sub-regional level.

She was awarded the rank of Chevalier de l'Ordre National by the Burkinabe State in December 2015.

Mrs Sondo/Nignan Azaratou is 49 years old, married and mother of two children.


Luc Vandeweerd, Board member of ADA, Luxembourg

Luc Vandeweerd graduated in 1978 from the Université Catholique de Louvain de Belgique with a Masters in Social Communications. He worked at the International Labour Organisation (ILO) for twenty years as an expert in cooperatives and microfinance in various technical cooperation projects in Africa. From 1992 to 2002, M. Vandeweerd was based in Dakar, Senegal as head of the PASMEC project, a project to support the development of microfinance in West Africa led by the ILO in partnership with the Central Bank of Western African States – BCEAO. In 2002, he joined the management of ADA, a Luxembourgish NGO specialised in microfinance, until 2018, when he retired and joined the Board of ADA. 

Raymond SCHADECK

Raymond Schadeck, Chairman of Investing for Development SICAV, Luxembourg

Born in 1955, Raymond Schadeck holds a Master's degree in economics (1979) and a law degree (1981) from the Louis Pasteur University in Strasbourg. Since 2012, he holds a certificate in corporate governance from INSEAD and is an INSEAD and ILA (Institut Luxembourgeois des Administrateurs) certified Director. Since July 2018, Raymond Schadeck acts also as Chairman of Investing for Development SICAV.

Mr Schadeck spent a large part of his career in the international audit and consulting firm Arthur Andersen (1981-2002). He then joined Ernst & Young as CEO until 2010. In 2010, he decided to leave the Ernst & Young network to devote himself entirely to a career as an independent director for Luxembourgish companies such as Luxexpo, Luxinnovation (until March 2018), Banque Raiffeisen, CDCL, SnapSwp, Minusines, Deveco, Intesa Sanpaolo Holding International and Private Equity International. Raymond is also the present Chairman of the Institut Luxembourgeois des Administraterus (ILA) and a Vice-chairman of Luxembourg’s Sustainability Council.

Mr Schadeck is chairing Up Foundation, is the Vice-chairman of EPI – Association luxembourgeoise pour l'Encouragement, la Promotion et l'Intégration sociale de jeunes et jeunes adultes en détresse –, member of the Board of Directors of EME – Ecouter pour Mieux s'Entendre – and of Equilibre. He was also a founding member of the "Et ass 5vir12" initiative, which was committed to a radical change in mentality within Luxembourgish society in the interest of future generations.


This 45th Midi de la microfinance is organised with the support of the Directorate for Development Cooperation and Humanitarian Affairs and the InFine.lu network, in collaboration with the Banque de Luxembourg.
The Midis de la microfinance are held during lunch breaks, between 12 and 2 p.m. Their agenda includes the presentation by an inclusive-finance expert of a study or a practical case, which is followed by a questions and answers session with the audience. At the end, a lunch is offered to all the participants.

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