Luxembourg-based fund administrator EFA has selected i-Hub as its customer due diligence platform for detecting money laundering.
The firm expects to be able to demonstrate “vigorous” compliance with anti-money laundering and know-your-customer regulations at a time when fund managers and service providers face increasing fines for breaches.
I-Hub was conceived and built in Luxembourg and enables asset managers to store client documentation, screen names, digitise data and automatically configure shareholder record-keeping systems, among other functions.
Noel Fessey, chief executive of EFA, said implementation takes place in two stages: the first focuses on “core processes”, and the second will lead to direct access for fund and management companies, so that they have “full transparency of their data at any time”.
EFA also plans next year to introduce “individual investor self-service modes.”
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