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i-Hub: a solution for strategic and continuous management of KYC files

i-Hub is a start-up of the POST Luxembourg group and BGL BNP Paribas, created 4 years ago in Luxembourg. It offers an outsourced client knowledge management service, better known in English as KYC for "Know Your Customer". i-Hub is a regulated Professional of the Financial Sector in Luxembourg.

The KYC specialists

KYC or "Know your Customer" refers to the client knowledge ‘notion. It refers to the process that allows to verify the identity of a company's clients, whether they are natural  persons or legal entities.

This system allows all companies to verify the compliance of their clients with anti-corruption legislation, money laundering and the financing of terrorism.

In the banking and financial sector in which i-Hub operates, KYC management is of paramount importance. Subject to a reporting obligation, it is in the strategic interest of banks to turn to an optimal management of their KYC files.

i-Hub: a strategic and ongoing KYC file management solution

A privileged partner for financial sector professionals

i-Hub is a company that has obtained the PFS approval in Luxembourg, which makes i-Hub  de facto a Professional of the Financial Sector. Obtaining this approval is the “sine qua non” condition for the exercise of financial services, activities which are moreover governed by a restrictive and dense legal framework.

i-Hub is thus a privileged partner for banks, financial institutions, management companies, Support PFS and even lawyers to whom it offers a 360° management service of their KYC files.

Ongoing management of client files

The solution developed by i-Hub consists in collecting, verifying and updating data and documents related to client files. To facilitate the process and centralize the information, i-Hub offers to its clients a digital personal file that stores the information. The data collected concerns the identity of individuals and companies, but also their tax status and profession: i-Hub then classifies these actors according to their level of risk and thus facilitates client risk management. This also includes risk scoring and screening services.

i-Hub also acts as an independent third-party validator on behalf of its clients to ensure that client data is compliant with existing laws and regulations.

As client data is centralized, i-Hub can then offer to end-clients a free connection to the i-Hub platform and authorize their data and documents sharing to their business relations who are themselves clients of the platform.

A legal obligation... and a strategic advantage

Since the 2008 financial crisis , financial regulations have tightened considerably. Compliance with these regulations represents a considerable burden. The fight against terrorism, corruption, fraud or money laundering requires constant vigilance from banking and financial institutions to meet legal obligations. i-Hub offers financial institutions to outsource this time-consuming procedure and to entrust them with this KYC management.

Beyond the regulatory aspects and the respect of the legislation on the subject, this dimension is also strategic for these actors. The slightest flaw in the system can permanently damage the image of the structure and the confidence of its clients.

It is therefore essential for them to choose players like i-Hub who have made this their core business and their main expertise.

The highest security standards

i-Hub guarantees to its clients the highest possible level of security in Europe. To guarantee the security and confidentiality of its client’s data, i-Hub has developed a strong authentication procedure as well as an individual encryption of each client's information.

i-Hub also provides to its clients with data storage in a Tier IV data center in Luxembourg, which is protected against intrusion and complies with the GDPR and the European legislation.

The company “EBRC” also continuously tests the robustness of the system to avoid any intrusion.

Technology at the service of efficiency

In order to provide to its clients with the most accurate and up-to-date data possible, i-Hub relies on artificial intelligence.

In order to keep the data reliable and up to date, i-Hub checks the data from its clients on a daily basis and directly from its clients' clients.

i-Hub also uses external data that it retrieves from trade registers. Once retrieved, it is essential to use artificial intelligence to retrieve the right information and automatically verify its compliance with the laws in place and thus determine who are the intermediate shareholders and beneficial owners of investigated companies.