On April 24th, 2025, more than 40 compliance professionals gathered at Ginkgo The City in Luxembourg for the Compliance Business Luncheon hosted by Avantage Reply. The event provided a unique opportunity to explore how AI can help staying on top in the evolving landscape of AML/CFT compliance, share best practices, and delve into the role of emerging technologies, particularly generative AI, in addressing regulatory challenges.
The luncheon opened with an introduction speech by Reply Luxembourg’s Country Managing Partner, Gwenaël Gavray, on the results of a survey conducted by Avantage Reply in the first half of 2024. With over 30 financial institutions contacted, including banks and asset managers, the study offered valuable insights into current AML/CFT practices in Luxembourg. One notable observation was the 50/50 split between institutions using in-house versus external compliance systems. However, a common theme emerged: technological limitations remain a significant barrier, prompting plans for near-term investment in infrastructure and tools.
A highlight of the event was the live demonstration of generative AI capabilities for compliance by Zest Reply, presented by CEO Stéphane Dorrekens, showcasing a digital Compliance Monitoring Plan (CMP) integrated with an AI agent capable of scanning daily regulatory updates from the CSSF. The tool extracts relevant metadata and offers tailored compliance recommendations, highlighting whether a regulation is applicable, not applicable, or unclear (“grey zone”). He emphasised that allowing AI to admit uncertainty helps prevent misleading conclusions and reiterated that “AI should be seen as a supporting tool and not a final answer”.
Adding a practical perspective, Liévin Tshikali, CCO and Global Head of Asset Management at Crédit Agricole Indosuez Wealth Management, shared how the digital CMP has transformed their regulatory adaptation process, reducing response times from months to days.
However, not all panellists shared the same enthusiasm. Anastasia Savvateeva, Deputy Head of Financial Crime Compliance at Fidelity International, expressed doubts about the use of AI, generally speaking, sharing concerns over reliability and trust. She acknowledged limited applications such as document comparison but this is the only thing she would trust AI to do.
The panel concluded with reflections on AI governance, scalability, and regulatory scrutiny. Jean-Pierre Faber, Director at the CSSF, underscored the importance of transparency and education, revealing that the regulator is actively engaged in investigating AI applications to better understand their operational impact and cost implications.
The event wrapped up with a networking lunch, where participants continued the conversation and exchanged ideas with the speakers and the Avantage Reply team.
As compliance professionals navigate an increasingly complex regulatory environment, events like this luncheon reaffirm the importance of collaboration, innovation, and critical evaluation of emerging technologies.