Luxembourg
Patrick Velay is a governance, internal audit, risk, compliance and anti-financial crime professional with more than twenty years of international experience across financial supervision, financial market infrastructures, asset management, banking, wealth management and insurance.
Currently serving as Internal Auditor at the CSSF, Luxembourg's financial sector supervisory authority, Patrick has built a career at the intersection of governance, regulation and assurance. He advises boards of directors and executive management on governance effectiveness, risk management, internal control systems, regulatory compliance and organizational resilience in increasingly complex regulatory environments.
Prior to joining the CSSF, Patrick held senior internal audit and assurance positions within leading international financial institutions, including Clearstream (Deutsche Börse Group), Franklin Templeton Investments, KPMG, and Société Générale Headquarters. Throughout his career, he has conducted and supervised audits, reviews and advisory assignments across Europe, North America, the Middle East, Africa and Asia, covering strategic, operational, regulatory and technology-related risks.
Patrick's work has focused on governance frameworks, AML/CFT, financial crime prevention, internal controls, ethics, cloud governance, outsourcing oversight and regulatory implementation. His professional experience spans a wide range of regulatory domains including AIFMD, UCITS, MiFID II, EMIR, CSDR, Market Abuse Regulation, Data Protection and Anti-Bribery & Corruption frameworks.
Alongside his professional responsibilities, Patrick has maintained a long-standing commitment to higher education and professional development. Since 2013, he has taught master's-level courses in Regulatory Compliance, Anti-Money Laundering, Ethics and Risk Management at the University of Lorraine and CFPB L'École Supérieure de la Banque, contributing to the development of banking, compliance and risk management professionals through graduate and executive education programmes.
Patrick has contributed to the advancement of professional standards through industry working groups, certification programs and thought leadership initiatives. He served as Subject Matter Expert for the revision of the Advanced CAMS-Audit certification, was a member of the Pedagogical Committee of EFPA France, represented KPMG within the IIA Luxembourg's Private Banking Group and Association of Luxembourg Compliance Officers (ALCO)'s GT35, and is a former member of IFACI (Institut Français de l'Audit et du Contrôle Internes), the French chapter of the global internal audit profession.
His publications and regulatory contributions include:
- "Compliance Monitoring and Internal Audit Overlap" (Ethical Boardroom, Spring 2015)
- "Cloud Governance for Financial Institutions" (Ethical Boardroom, Spring 2018)
- White Paper on the Internal Governance of AML/CFT (ACAMS Workpaper)
- Contributions to IOSCO consultations relating to conflicts of interest in private equity
- Contributions to the Advanced CAMS-Audit certification framework
About Luxembourg
A founding member of the European Union, Luxembourg is one of the world's leading international financial centres. It is the second-largest investment fund domicile globally after the United States, the leading centre for cross-border fund distribution, the premier captive reinsurance market in the European Union and a major private banking centre within the Eurozone.
Getting back in touch
Interested in reconnecting with former classmates, colleagues, professors and friends from different stages of my academic and professional journey (e.g. D. CERDA, F. DANANCHER, P. GENISSON, A. MERCATELLO, K. THEMEJIAN, S. VIVIAND and all the others!).
Disclaimer
The views expressed are solely those of Patrick Velay and do not necessarily reflect the views, positions or policies of any current or former employer, client, business partner, professional association or academic institution.
Any references, endorsements or recommendations relating to current or former colleagues, employees, employers or business partners are made in a personal capacity and should not be interpreted as statements made on behalf of any organisation.
