https://www.proz.com/kudoz/german-to-english/finance-general/2471498-freistellung-zur-teilnahme-am-kontenabrufverfahren.html

Freistellung zur Teilnahme am Kontenabrufverfahren

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

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: 14:06
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 (X)
Argentina
Local time: 10:06
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



Summary of answers provided
4Release for participation in the account data retrieval system
PhilippID
3release for participation in the account screening procedure
Kim Metzger
4 -1exemption from participation in the accounts data retrieval system
Beatriz Galiano (X)


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: 13:06
Specializes in field
Native speaker of: Native in GermanGerman, Native in EnglishEnglish
PRO pts in category: 19
Login to enter a peer comment (or grade)

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: 07:06
Native speaker of: Native in EnglishEnglish
PRO pts in category: 442

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

disagree  Beatriz Galiano (X): Well if you ask, I'd say I dont agree with your translation either, release for participation.
19 hrs
Login to enter a peer comment (or grade)

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 (X)
Argentina
Local time: 10:06
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.
Login to enter a peer comment (or grade)



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.

KudoZ™ translation help

The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.


See also: