Dexia Banque Internationale Luxembourg (Dexia BIL) has received Type II SAS 70 certification for its fund administration business, conducted via its business line, Dexia Fund Services (DFS). This makes Dexia BIL one of the first institutions in the Luxembourg financial centre to receive this certification, particularly type II, for fund administration activities.
SAS 70 (Statement on Auditing Standards N 70) is an American standard of certification awarded in relation to the control mechanisms of a service provider for monitoring its quality targets, thereby contributing to the overall quality of service. The award of this certificate means that the objectives and process control systems have been analysed and approved by an external auditor. Quality targets break down into precision, comprehensiveness, authorisation, integrity of parameters and separation of functions. In the United States, SAS 70 is a standard attained by a large number of financial services companies and is increasingly being adopted by financial institutions in Europe.
To obtain SAS 70 Type II certification, the effective execution and efficiency of the controls applied to different processes must be tested over a minimum period of 6 months. The obtaining of this certificate, delivered by PriceWaterhouseCoopers is proof of Dexia Fund Services’ concern not only to measure up to the high expectations of its American customers, but also to provide an optimum and regular service to its international customers.