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ALSEGO’s New Automated AML Reporting Solution for Luxembourgish Banks

01-14-2021 04:58 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ALSEGO

ALSEGO AML-Automatic Reporting solution

ALSEGO AML-Automatic Reporting solution

ALSEGO has launched a new automated AML Reporting solution aimed specifically at financial institutions in Luxembourg concerned with the Central Electronic Data Retrieval System (CEDRS) as stipulated in the CSSF circular 20/747. The solution is fully automated, however, if you wish to forgo a direct connection between the solution and your core-banking system, the solution functions with TSV/CSV files as well.

The automatic functionalities of the solution are its key strengths. Not only is the entire reporting process automatic, but also the renewal of signing keys between your financial institution and the CSSF, as well as the obfuscation of production data for test environments. Moreover, the solution has a built-in validator in conjunction with the CSSF validation tool, to make sure that your reports are fully compliant. The solution also manages anonymous account identifiers with CSSF status report enrichment, protecting your sensitive data. Furthermore, recently established accounts that do not have all the require information, e.g. a VAT number, are managed with the help of configurable exclusion protocols. Finally, execution status emails are sent to relevant members of staff when a report is successfully submitted or when a report does not pass the validation phase.

ALSEGO’s AML-Automatic Reporting solution is the efficient way to submit your reports to the CSSF’s CEDRS. AML reports are automatically generated, validated and submitted, thereby significantly reducing the burden on your organization’s compliance team and allowing you to focus on your business operations.

2 rue Jean Engling, L-1466, Luxembourg, Grand Duchy of Luxembourg
Phone: 00352 20 33 31 80
Press contact: Michael Fisher

Founded in 2009, ALSEGO is a financial software editor with a track record of delivering robust, secure and modern packaged solutions. Over a decade of developing and editing banking software, compliance applications and other banking industry products have culminated in our white-label eBanking platform and secure professional solutions. Our products are adept at tackling the pitfalls of digital banking projects.

Alongside our clients, we want to reach business objectives and exceed expectations. Collaborating to increase end-to-end customer satisfaction while maintaining a focus on cost efficiency and pragmatism.

We offer an array of FinTech solutions catering to the changing regulatory environment of the financial industry. Banks, credit unions and other financial institutions face digital transformation challenges. To that end, we bring innovation, experience & expertise to make your business more agile, more competitive and more performant.

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