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Account retrieval system according to §24c KWG
The attacks of 11 September 2001 have shown that combating the financing of terrorism, money laundering as well as the unauthorised operation of banking, insurance and financial services businesses are of central importance for the preservation of peace and security.
Thus, on 1 April 2003, Section 24c of the German Banking Act (KWG) came into force, enabling the Federal Financial Supervisory Authority (BaFin) and the Federal Central Tax Office (BZSt) to carry out corresponding searches centrally.
In order to enable these central searches, German credit institutions have been obliged to maintain a central file of all accounts and deposits held in Germany for corresponding queries since section 24c KWG came into force.
What data must be provided in the account retrieval procedure?
In this retrieval system, the following data is listed for each account/deposit kept:
account/custody account number
the date of establishment and closure
the names and dates of birth of the respective holders and authorised signatories
the names and addresses of the different beneficial owners.
Important: Account balances and account movements are not listed here!
Are you looking for further information on the account retrieval procedure according to § 24c KWG?
The advantages of the Pagateq account retrieval system
In order to meet their legal obligations, institutions can also use a service provider.
For the public banks, but also for other institutions, we have set up such a central retrieval system with the corresponding incoming and outgoing interfaces according to the specifications of BaFin and BZSt.
Advantages of the system:
daily updated
fail-safe
highly available
That's why you should choose Pagateq: You take care of your data stock - we take care of the rest!
Due to our proximity to the German banking industry, we are already involved in upcoming regulatory changes during the planning phase. This enables us to plan for necessary adjustments to the retrieval system at an early stage. Should changes to your systems or databases ever be necessary, we are there to advise you.
This gives you the security of always complying with the legal requirements.
Would you like to know more about our retrieval system and our service?
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