Database of Legislation

Section 24c: Automated access to account details

(1)   Credit institutions shall maintain a data file in which they must store the 14.10.2016  following data without delay

1.    the number of any account which is subject to the obligation to verify proof of identity within the meaning of section 154 (2) sentence 1 of the Fiscal Code or of a safe custody account, as well as the dates on which the account was opened and closed,

2     the name - and for natural persons the date of birth - of the holder and of any party authorised to draw on the account, as well as - in the cases specified in section 3 (1) number 3 of the Money Laundering Act - the name and, if available, the address of any other economic beneficiary within the meaning of section 1 (6) of the Money Laundering Act.

…

(2)   [Omitted]

(3)   Upon request, BaFin will provide information entered in the data file pursuant to subsection (1) sentence 1 to

1.    the supervisory authorities pursuant to section 9 (1) sentence 4 number 2 insofar as this is necessary to enable them to perform their prudential functions under the conditions set out in subsection (2),

2.    the authorities or courts responsible for providing international judicial assistance in criminal cases, and otherwise for the prosecution and punishment of criminal offences, insofar as this is necessary to enable them to perform their statutory functions,

3.    the national authority responsible for imposing restrictions on capital transfers and payment transactions pursuant to the Foreign Trade and Payments Act insofar as this is necessary to enable it to perform its functions ensuing from the Foreign Trade and Payments Act or from legal instruments of the European Union in connection with restrictions on economic and financial relations.

BaFin will access the data stored in the data files by means of an automated procedure and transmit them to the authority making the request. BaFin will verify the permissibility of such transmission only if it has particular grounds for doing so. The responsibility for the permissibility of the transmission shall lie with the authority making the request. BaFin may, pursuant to section 4b of the Federal Data Protection Act, provide foreign agencies with information from the data file pursuant to subsection (1) sentence 1 for the purposes described in sentence 1. Section 9 (1) sentences 5 and 6 and subsection (2) shall apply mutatis mutandis. This is without prejudice to the provisions on international judicial assistance in criminal matters.

(4)-(8) [Ommitted]