CEDRS - Project Overview

(Central Electronic Data Retrieval System)

This new reporting was officially announced early this year along with the law of 25 March 2020. The objective is to establish a central electronic data retrieval system related to IBAN accounts and safe-deposit boxes. A recent CSSF Circular (CSSF 20/747) was released end of July (and updated early September) where the technical requirements and format are described. Entities falling under the scope of this new law are mainly the banks.

Practically, this new reporting has uncommon characteristics which can be summarized by :

• Releasing a new Secure Chanel in Luxembourg, using the latest secured transmission technologies
• Daily reporting including week-ends (7/7days)
• Gathering IBAN accounts and safe-deposit boxes owner(s) information
• Tights delays for implementation
• High size of reports (for important institutions)

Altought the fact that a clear deadline was not given, the lone date actually referenced is the 10th September 2020. At U IT we assume this date has to be considered as a first step given to illustrate the importance of this new report's transmission. The CSSF will probably communicate soon with more information on the subject.

U IT responded to this new requirement and is currently working on the development of a solution based on 2 independent applications with the following aspects :

• 100% operated under your own infrastructure
• Using the simplest and more direct transmission solution, no third party implied
• By result of the previous points, propose the most secured method to ensure the confidentiality of the transmitted data but also keep a full hand on the processes
• Reduced costs due to simplified complexity - small costs adpated for small entities

Consult the Timeline page for the most up-to-date information