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Freistellung zur Teilnahme am Kontenabrufverfahren

English translation: exemption from participation in the accounts data retrieval system

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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
helgahofmann
Local time: 02:42
English translation:exemption from participation in the accounts data retrieval system
Explanation:
This is what I understand here,

correction made.

--------------------------------------------------
Note added at 19 hrs (2008-03-13 13:22:55 GMT)
--------------------------------------------------

To be exempted from this participation would be equivalent-taking into account what I think it is talking about- to allow them more protection for their data banks to avoid money laundering.
Selected response from:

Beatriz Galiano
Argentina
Local time: 21:42
Grading comment
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

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Summary of answers provided
4Release for participation in the account data retrieval system
philippid
4 -1exemption from participation in the accounts data retrieval systemBeatriz Galiano
3release for participation in the account screening procedure
Kim Metzger


Discussion entries: 1





  

Answers


24 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
Release for participation in the account data retrieval system


Explanation:
credit institutes are obligated to lead (automated call system for account master data) § 24c KWG, which makes each-early access possible of the BaFin to the customer data

Überwachung der Konten durch BaFin


    Reference: http://en.wikipedia.org/wiki/BaFin
philippid
United Kingdom
Local time: 01:42
Specializes in field
Native speaker of: Native in GermanGerman, Native in EnglishEnglish
PRO pts in category: 19
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7 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
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".

Kontenabruf – account screening/account checking
http://www.proz.com/kudoz/327424

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.

http://www.steuerliches-info-center.de/de/003_menu_links/003...
The account screening procedure unit and supervisory unit for the grant of the retirement provision allowance ("Riester-Rente" - a government-aided, privately-funded pension scheme) and for the collection of the standard flat-rate tax (mini jobs) are among those located in the Berlin office.
http://www.steuerliches-info-center.de/en/003_menu_links/003...



Kim Metzger
Mexico
Local time: 19:42
Native speaker of: Native in EnglishEnglish
PRO pts in category: 438

Peer comments on this answer (and responses from the answerer)
agree  Steffen Walter: Very likely.
7 hrs

disagree  Beatriz Galiano: Well if you ask, I'd say I dont agree with your translation either, release for participation.
19 hrs
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19 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
exemption from participation in the accounts data retrieval system


Explanation:
This is what I understand here,

correction made.

--------------------------------------------------
Note added at 19 hrs (2008-03-13 13:22:55 GMT)
--------------------------------------------------

To be exempted from this participation would be equivalent-taking into account what I think it is talking about- to allow them more protection for their data banks to avoid money laundering.

Beatriz Galiano
Argentina
Local time: 21:42
Specializes in field
Native speaker of: Native in SpanishSpanish
PRO pts in category: 4
Grading comment
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!

Peer comments on this answer (and responses from the answerer)
disagree  Kim Metzger: "Exemption from" participation means they are not required to participate, not "to allow them more protection".
29 mins
  -> No, it is explained above, if they dont participate in the release of information, their info. is better protected.
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