FAQ related to Circular CSSF 20/747 – version 2 – track changes is a CSSF FAQ, published 23 July 2020 and updated 9 October 2020.
\nLegal basis: Law of 25 March 2020 on the central register of bank accounts.
\nRelevant for: AISPs, Credit institutions, E-money institutions, Payment institutions, Payment institutions/electronic money institutions/AISPs.
\nMain topic: Financial crime. Keywords: AML/CFT, Terrorist financing.
\nCircular CSSF 20/747 Technical modalities relating to the application of the Law of 25 March 2020 establishing a central electronic data retrieval system related to payment account and bank accounts identified by IBAN and safe-deposit boxes held by credit institutions in Luxembourg (the “Law”)
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nCircular CSSF 20/747 Re: Technical modalities relating to the application of the Law of 25 March 2020 establishing a central electronic data retrieval system related to payment account and bank accounts identified by IBAN and safe-deposit boxes held by credit institutions in Luxembourg (the “Law”)
\nLadies and Gentlemen,
\nLuxembourg, 23 July 2020
\nThe Law of 25 March 2020 (“the Law”) establishes a central electronic data To all credit institutions and
\nretrieval system related to payment accounts and bank accounts identified by
\npayment service providers in
\nIBAN and safe-deposit boxes held by credit institutions in Luxembourg.
\nLuxembourg offering payment account
\nservices
\nbank
\naccount services for accounts identified by IBAN, within the meaning of Regulation (EU) No 260/2012
\nthe
\nEuropean
\nThis circular aims at providing the professionals, as defined in point 6 of Article 1 of the Law, with the necessary details in view of setting up and implementing in their IT systems, the technical infrastructure required to allow the central electronic data retrieval system established and managed by the CSSF to operate efficiently between the CSSF and professionals 1.
\nParliament and of the Council of
\nThe purpose of this circular is more precisely to provide the professionals with
\nMarch
\n2012
\nestablishing
\nan insight into the technical and IT related aspects of the central electronic data
\nand
\nbusiness
\nretrieval system in order to allow them to adapt their systems accordingly and
\ncredit
\nassure conformity with the particular technical requirements of the system as
\ntechnical requirements
\nfor
\ntransfers and direct debits in euro and amending Regulation (EC) No 924/2009, as well as to any credit institution holding safe-deposit
\nboxes
\nLuxembourg
\nestablished by the CSSF. The system is based on creating and making a file available to the CSSF by each of the professionals with regard to payment accounts 2, bank accounts identified by IBAN and safe-deposit boxes held by credit institutions, excluding thus accounts held for internal or technical purposes. The CSSF, in its capacity as manager of the central electronic data retrieval system, will access the respective files submitted by the professionals, by means of a secure procedure in order to be able to conduct researches. The circular’s annexes break down the structure of the file and data to be entered, and provide details on the creation, backup, confidentiality and security of said file. Annex 1 describes the technical modalities the professionals are required to strictly follow.
\nThe setup of such a system is required by 10 September 2020 at the latest in accordance with the requirements of Article 67(1) of Directive (EU) 2015/849, as amended by Directive (EU) 2018/843.
\n2 Cf. also the CSSF Q&A of 3 June 2020 on payment account definition, under the following link: https://www.cssf.lu/wp-content/uploads/QA_payment_account_definition.pdf
\nAnnex 2 describes the structure of the data file to be submitted by the professionals to the CSSF. The CSSF reminds that professionals are responsible for the accuracy and completeness of the data they are required to enter in their files, which the CSSF accesses within the framework of the central electronic data retrieval system.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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