Press Release

CEDR API to support Luxembourg’s credit and payment institutions

1min Read · 24 Jul 2020
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Law of 25 March 2020 established 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 in Luxembourg.

 

Supporting Luxembourg’s credit institutions

In accordance with the CSSF Circular 20/747, 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.

With tight EU-wide deadlines, as part of the AML5 directive – which is partially implemented through the CEDRS – LUXHUB is deploying all its efforts and resources in order to support banks throughout this new compliance journey.

This has resulted in the development of the new CEDR API, which builds upon LUXHUB’s established API Gateway and Service Desk. Furthermore, the CSSF’s decision to impose an API route to compliance falls squarely within LUXHUB’s overarching vision of catalyzing and empowering digitalization within Luxembourg’s financial ecosystem.

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