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The Luxembourg ‘Central Register Law’ (Law of 25 March 2020 establishing a central data retrieval system for bank, payment accounts and safe-deposit boxes) is implementing certain provisions of the EU Directive 2018/8431 (the “5th AML Directive”) by establishing a central electronic data retrieval system (CEDRS), which enables the identification of any natural or legal person holding or controlling payment accounts, bank accounts identified by an IBAN and safe-deposits boxes in Luxembourg, in a timely manner.
The CSSF Circular 20/747 published on 23 July 2020 contains the technical arrangements related to the application of the Law of 25 March 2020.The system to be set up requires each financial industry professional that is in scope of the Law to create a file on a daily basis containing the whole client data set as defined by the regulator. The CSSF, in its capacity of ‘Central Repository Supervisor’, will access said file by means of a secure procedure to be able to carry out queries on these data sets.
Finologee has built a dedicated CEDRS module designed to help banks achieve full compliance with the CSSF Circular 20/747. Download our latest magazine on the topic of Account Holders Reporting Compliance and learn more about:
- How can Banks, EMIs & PIs ensure compliance with CEDRS?
- Stay in full control of your data with Finologee’s on-premise solution.
- 5 hints to help you navigate through the CSSF Circular 20/747
- Why 36 banks chose to rely on Finologee’s bank compliance (PSD2 & CEDRS)
- A selection of Finologee’s clients