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.
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