Freistellung zur Teilnahme am Kontenabrufverfahren
English translation: exemption from participation in the accounts data retrieval system
Login or register (free and only takes a few minutes) to participate in this question.
You will also have access to many other tools and opportunities designed for those who have language-related jobs (or are passionate about them). Participation is free and the site has a strict confidentiality policy.
18:05 Mar 12, 2008
German to English translations [PRO] Bus/Financial - Finance (general) / Geldwäsche
German term or phrase:Freistellung zur Teilnahme am Kontenabrufverfahren
Ferner liegt der Bank eine Freistellung zur Teilnahme am Kontenabrufverfahren gem. § 24c KWG vor
I consulted with the client and they told me that they made a mistake. They actually meant "Freistellung von"and this is exactly what you suggested. Thanks for all the other proposals! 4 KudoZ points were awarded for this answer
release for participation in the account screening procedure
Explanation: I'd say "Kontenabrufverfahren" is account screening procedure.
I'm not at all sure of the meaning of "Freistellung zur Teilnahme" in this case, but I think Phillip is right with "release for" or maybe authorization to participate in. I don't think it means "exemption from participation." It seems to mean the bank has received authorization to participate in the account screening procedure - "liegt vor".
In der Außenstelle Berlin, ist unter anderem das Referat Kontenabrufverfahren sowie die Fachaufsicht über die Gewährung der Altersvorsorgezulage (Riester-Rente) und den Einzug der einheitlichen Pauschsteuer (Mini-Jobs) untergebracht.