LUXHUB rolls out Central Electronic Data Retrieval API for Luxembourg's credit institutions

Monday 27 July 2020 10:39 CET | News

Luxembourg has introduced a central electronic data retrieval system (CEDRS) related to payment and bank accounts identified by IBAN, as well as safe-deposit boxes, held by credit institutions.

With tight EU-wide deadlines, as part of the AML5 directive – which is partially implemented through the CEDRS - LUXHUB looks to support banks via a CEDR API, which builds upon LUXHUB’s established API Gateway and Service Desk. Acting as a complete end-to-end compliance solution, the CEDR API will see the company continue its compliance partnership with Luxembourg’s financial institutions. 

Credit institutions are required to put in place a secure data file transfer via API towards the CSSF to enable the identification of any natural or legal person holding or controlling payment or bank accounts identified by IBAN or safe-deposit boxes by mid-September 2020. The Luxembourg banking ecosystem must ensure permanent, automated, and confidential access for the CSSF to this data file, according to the official press release.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: LUXHUB, Central Electronic Data Retrieval System, CEDRS, API, Luxembourg, credit institutions, CSSF, IBAN, banking ecosystem, AML5
Categories: Banking & Fintech
Countries: Luxembourg
This article is part of category

Banking & Fintech