The account retrieval according to KWG §24c
Account retrieval is understood as government agencies accessing bank customers’ master account data.
Banks in Germany are obliged to keep a file in which their customers’ master account data is stored. In cases regulated by law, the Federal Financial Supervisory Authority (BaFin) has been permitted to access this database since April 2003 when fulfilling its tasks, in particular for criminal purposes, and to provide other authorities with information on the account master data of a bank account held in Germany. Since April 2005, the Federal Central Tax Office (BZSt) has been handling inquiries for the tax authorities and other authorities.
The alseda KWG24C solution offers all functionalities to fulfill the reporting obligation according to the legal requirements of the German Banking Act. In addition to the newly added accounts, the relevant account changes and also the closure/dissolution of an account or contract are taken into account.
The alseda KWG24C solution offers the possibility to automatically determine and pass on the account data from the following SAP applications:
SAP BCA – Deposits
SAP CML – Loan Management
SAP TRM – Treasury Management
SAP DM – Deposit Management
In addition to the SAP applications mentioned above, the relevant data from the SAP BP business partner is used.