Account Register and Account Entry Act and Capital Outflow Reporting Act
Raiffeisen Bank International AG (RBI) has various reporting obligations to the Austrian Ministry of Finance. On the one hand, there are the notifications concerning account registers according to the Federal Act on the establishment of a register of accounts and account inspection (Account Register and Account Entry Act - KontRegG), BGBl. I No. 116/2015, on the other hand, there are reports of relevant capital outflows according to the Federal Act on the reporting obligation of capital outflows (Capital Outflow Reporting Act).
Reports into the Registry of Accounts
The account register is a database that contains information about who has which accounts at which bank. The Account View is the opening of an account at the bank - judicially approved, which shows all account movements as well as the account balance. The account register has been in operation since 10th August 2016 and has been ready for queries since 2nd October 2016 after being filled in by the banks for two months. The central account register lists the current accounts, real estate savings accounts, savings accounts and securities accounts of all companies and all private individuals of financial institutions operating in Austria. This means that only the names of the persons / companies, the account numbers as well as the financial institutions are visible. Not included are account balances and transactions on the account itself. These are only visible with a judicially approved account view.
In this regard, the banking secrecy was not abolished, it was only adjusted for the Austrian tax authorities. In addition to public prosecutor's offices, criminal courts, the financial and tax authorities as well as the Federal Finance Court can query the account register. The person queried will be informed via FinanzOnline about every access to the account register.
Capital outflow reporting
The account register reflects the status of 1 March 2015. In addition, the Capital Outflow Reporting Act requires banks to report capital outflows of at least EUR 50,000 from relevant accounts or custody accounts of natural persons to the Austrian Ministry of Finance on a monthly basis. For quarterly reports there are special provisions.