Simplify your banking procedures with i-Hub

Let’s make things clear right away: managing administrative procedures with your bank – passport updates, address changes, tax residency, etc. – takes time and can sometimes feel repetitive. Yet in Luxembourg, a solution exists to considerably lighten this burden: i-Hub. myLIFE sheds light on why banks collect this information and how i-Hub helps make this process smoother and more accessible.*

Why update your personal data?

Before discussing the solution, let’s take the time to talk about the “problem” by clearly asking the question you have certainly already asked yourself: why does every bank where I am a client repeatedly require all this personal information? The answer is simple: laws and regulations.

In Luxembourg, as everywhere in Europe, banks must comply with strict obligations to effectively fight against money laundering, terrorism financing, and tax fraud. These obligations arise in particular from the law of 12 November 2004 on AMLCFT (AntiMoney Laundering and Combating the Financing of Terrorism). Since then, it has been regularly amended to integrate, among others, the European AML (AntiMoney Laundering) directives, which require banks to know their customers (KYC). To put it simply, this means that banks have the obligation to:

• • know the identity of their clients;
  • verify the accuracy of the documents provided;
  • keep this information constantly up to date.

In concrete terms, these checks ensure that your bank acts responsibly and in compliance with regulations. Without valid and uptodate documents, a bank cannot legally maintain the business relationship. These measures aim to maintain the quality of the service offered and to act in accordance with regulatory commitments.

Without valid documents, a bank cannot legally maintain the business relationship. These measures aim to maintain the quality of the service offered and to act in accordance with regulatory commitments.

Why is this also beneficial for you?

Since you are neither a terrorist nor dishonest, you might think that all this is heavy and brings you nothing. Wrong, you actually have a lot to gain! Regularly updating your information is essential to:

• • guarantee the security of your accounts;
  • prevent fraud attempts;
  • allow the bank to contact you properly when necessary;
  • ensure a digital experience without interruptions.

Once again, please note that if you do not have valid documents relating to you, the bank has no legal choice but to restrict certain services or even block your transactions.

Still, these regular updates may seem tedious, especially if they must be repeated with every bank where you are a client. Good news: the i-Hub solution changes the game and considerably simplifies your banking procedures related to your personal data.

Lighten procedures with i-Hub

A professional player in the financial sector specializing in the management of know your customer (KYC) processes, i-Hub acts as an outsourcer for the financial sector, funds, and insurance companies. In practical terms, the Luxembourg digital platform i-Hub is an innovation of the financial centre designed to help banks meet all these obligations. Created and hosted in Luxembourg, the platform allows you to centralize and update your identification data (name, address, identity document, tax residency…) a single time, then share them (if you wish) with all partner Luxembourg banks (BIL, BCEE, BGL, Post and Banque de Luxembourg).

i-Hub provides you with a secure personal digital file, accessible at any time from your banking app or directly on the i-Hub website. Thanks to i-Hub, you can therefore:

• • Update your data only once. No need to repeat the same steps several times. Each partner bank automatically retrieves your data (with your consent). Today, the major banks in the country, such as BIL, use this solution.
  • Save time so you can focus on what matters. No more trips to the branch; everything is done online via BILnet or the tools of other banks.
  • Stay in control. You decide whether your data can be shared. Consent is optional, unique, and revocable at any time.
  • Stay protected. Your documents are hosted in Luxembourg with a very high level of security (LuxTrust, PSF infrastructures…).
  • Reduce paperwork. Printed, sent, and resent documents are a thing of the past! A useful step for the environment.

In short, updating your personal data is done once, for all your partner banks, in a 100% digital and reversible framework.

So, how will you move forward?

How should you respond to these constraints that your banks must impose on you? You do not control legal and regulatory obligations, but you can choose how to comply with them. The i-Hub platform provides a modern, efficient, and simple solution to one essential requirement: keeping your personal data up to date. Everyone is free to choose the method that suits them best for keeping their data up to date, including making everyday life easier with i-Hub.

* Content translated from French by the BIL GPT AI tool