EVI Section 24c KWG (Germany)
Under Section 24c (1) German Banking Act (Gesetz über das Kreditwesen – KWG), financial institutions are required to maintain a data pool in which certain customer and account master data (e.g. account number, name and date of birth of account holders and authorised persons, and opening and closing dates) are stored. The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) is authorised to retrieve information from this pool insofar as this is necessary for it to fulfil its supervisory tasks.
The BaFin has provided an interface structure for this purpose, which the applicable institutes must use to provide the required information for an automated retrieval procedure.
The financial institutions must add the relevant data to a corresponding query component, which the BaFin can access and use to retrieve the desired information.
This query component does not need to be operated by the financial institution themselves, so a service provider can also supply this service. In this case, the records containing the required information must be transmitted to the operator of the query component so that this party can provide the required information in the form requested by the BaFin.
The Bank-Verlag’s Accounts Evidence Centre has been providing this service for automatic retrieval of account information in accordance with Section 24c of the German Banking Act (KWG) since 2003.
With SECTRAS EVI, CPB Software supports the processing of data required for retrieval purposes, which are supplied either directly via the master data component, SECTRAS PSD, or a third-party system.
In addition, EVI takes care of all technical communication with the Account Evidence Centre (initial report, changes, and cancellation) including the processing of responses from the Account Evidence Centre. Additional data matching and error correction functions are also available.
SECTRAS EVI can be used as a software solution in in-house operations, outsourcing scenarios, and as a service component of CPB Managed Services.