Bundesbank Publishes Circular on AnaCredit Reporting Requirements
Bundesbank published a circular to inform about the procedure of removal of duplicates in the AnaCredit reports submitted to Bundesbank. Bundesbank had requested the institutions that had sent duplicates in the course of their AnaCredit report, by means of individual letters, to correct such incorrectly delivered data records by June 30, 2021. However, as many institutions are busy preparing for the new supervisory reports in accordance with CRR2 Bundesbank is extending the deadline for corrections to October 31, 2021 and will not activate the validation rule, which ensures that an identifier cannot belong to two different contractual partner data records (UID rule), until November 2021. Should individual banks not be able to meet the deadline, Bundesbank expects institutions to notify the signatories of this letter by September 30, 2021 so that an individual action plan can be drawn up.
A change in the contractual partner ID, which is the most common reason for the duplicates, was not intended at any point in the AnaCredit report and is, therefore, to be interpreted as a violation of the reporting obligation from the start. These reported duplicates not only represent a violation of the reporting requirements of the Bundesbank and ECB Regulation published in the guidelines, but they also cause considerable problems in the system of Bundesbank and prevent the credit data records in question from being transmitted to ECB. Against this background, Bundesbank had announced the introduction of the UID validation rule for 08/2020 by Bundesbank in February 2020 and published it in the validation manual (version 10). This rule checks the reporting requirement that has existed since the beginning of the AnaCredit report, a requirement which stipulates that a submitted national identifier must be unique and, therefore, only be reported for a single contractual partner identifier. If this is not the case, the submitted contractual partner master data records will be rejected.
Related Link (in German): Circular (PDF)
Keywords: Europe, Germany, Banking, AnaCredit, Reporting, Validation Rules, Unique Identifier, UID, Bundesbank
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Next Article
Dubai FSA Opens Applications for Regulatory SandboxRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
