According to the German Banking Act (Kreditwesengesetz, KWG), credit institutions are obliged to provide complete, accurate and up-to-date information on the accounts, deposits and safe custody accounts for automated access to § 24c-relevant account details of public authorities. This customer master data is collected by credit institutions as part of their customer acceptance process and subsequently stored in a separate database. This ensures that the data can be retrieved without the knowledge of the credit institutions.
Furthermore, credit institutions shall update data changes on the same day in order to keep the database up-to-date. Furthermore, the data shall be deleted after a period of 10 years after the closure of the account, deposit and safe custody account.
Additional effort for operational units, Compliance and Internal Audit
In the course of the implementation of the 5th EU Anti-Money Laundering Directive, the automated access of account and client data was introduced throughout Europe. This entails higher pressure on §24c-reports.
Due to extended requirements, institutions must transmit further details of the account holder, the person authorised to dispose of the account and the beneficial owner.
Through the planned Europe-wide connection of the automated-access-systems there will be a focus on the correctness of the 24c-reports and the data quality.
Our solution - report analysis made easy
Our PwC Data Cruncher 24c enables you to take a cost-effective, efficient and standardized approach to meet legal requirements. We collect your reporting-data and evaluate any amount of data for you.
The evaluation takes place in different dimensions. For example, the reports are checked based on multi-layered KPIs and plausibility checks are carried out. The results of the evaluation are graphically visualized and can afterwards be exported in detail via an export function for further validation.
In addition, the Data Cruncher 24c can be used to check and correct compliance with the new, more stringent legal requirements for 24c-relevant-data.
The tool-based preparation of data makes it possible to achieve regulatory security with optimum time-efficiency.
As a leading auditing and advisory firm, PwC has a comprehensive market overview. We use our experience to your advantage and deliver best practices and real added value.
Data analysis of 24c reports
- Definition of analysis objectives
- Import of § 24c KWG reports for a defined period into the Data Cruncher 24c
- Analysis of the data sets and subsequent graphic preparation and presentation of the results
Optional module 1: Root cause analysis
- Identification and collection of reportable data fields
- Identification and collection of bank-specific products that fall within the scope of § 24c KWG
- Comparison of reported products with the products identified as reportable
- Analysis of the reporting chain
Optional module 2: Implementation of measures
- Derivation of measures to ensure consistently complete and correct reports from the knowledge gained
- Subsequent implementation of these measures
- Initial indication to evaluate the process
- Individual consulting
- Customized report data analysis
- Price depends on data volume and data complexity
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