# Account Disclosure and Account Disclosure (Discovery of Accounts)

- Canonical URL: https://www.gerhardmerk.de/account-disclosure-and-account-disclosure-discovery-of-accounts
- Post ID: 590468
- Modified: 2023-07-25T20:46:54+00:00
- Language: en

## Definition

Since April 1, 2003, every credit institution in Germany has been required under Section 24c of the German Banking Act (KWG) to keep an up-to-date file of all accounts and securities accounts held in Germany - including the name, date of birth of the holder and any authorized disposers - and to provide the supervisory authority with the relevant information on request. - Authorities are also permitted to retrieve account data in the course of an account retrieval procedure; a ruling by the Federal Constitutional Court in July 2007 confirmed the constitutionality of retrievals by authorities. - Information on accounts of German citizens abroad is also obtained on a case-by-case basis by the German intelligence service (Bundesnachrichtendienst; Federal Intelligence Service), disregarding constitutional concerns and with wide applause by the broad public, as became evident in February 2007 with regard to the Principality of Lichtenstein. - See Address Spoofing, Authentication Requirement, Bank Information, Bank Secrecy, Cash Control, Observation Note, Escape Money, Money Laundering, Hawala, Identity Theft, Identity Verification Requirement, Account Blocking, Account, False, Customer Data Information Requirement, Nominee, Straw Man, Asset Status, Confidentiality, Angle Broker, Payment Transactions Ordinance, Second ID Card. - Cf. BaFin Annual Report 2003, p. 71 f., BaFin Annual Report 2004, p. 81, p. 87 (on Section 24c KWG), BaFin Annual Report 2005, p. 186 (number and clients of account retrievals), p. 187 (since April 1, 2005, also disclosure for purposes of tax authorities), BaFin Annual Report 2007, p. 216 (investigation procedures), Bafin Annual Report 2009, p. 237 f. (successes of the account retrieval procedure also in combating crime) BaFin Annual Report 2012, p. 221 (BaFin checks the quality of actions taken at institutions on site to identify bank customers; data quality partially objectionable), and the respective BaFin Annual Report, chapter "Cross-Sectional Tasks." Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec. Professor Dr. Eckehard Krah, Dipl.rer.pol. E-mail address: info@ekrah.com https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk https://www.jung-stilling-gesellschaft.de/merk/ https://www.gerhardmerk.de/

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