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PRESS RELEASE - Leasing "KWG light" |
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Time pressing for implementation of KWG light in leasing companies |
- Multi-million loans in compliance with § 14 KWG must be reported by december 31, 2009
- Preparation of the annual statement in line with bank regulations and observing shortened time limits
- Cellent Finance Solutions presents pragmatic solution packages
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Stuttgart - As time is pressing for the leasing industry to implement the extensive requirements of KWG light, Cellent Finance Solutions has put together some pragmatic service packages. QUICK Check for KWG light and the start package KWG § 14 allow urgent measures to be quickly put into practice. With the support of Cellent Finance Solutions, these packages enable leasing com-panies to create the framework for successfully implementing KWG light requirements in 2009.
In the majority of cases, to fulfill the new duties of disclosure and stipulations governing billing and accounting, as well as to comply with approval regulations for banking privileges, requires an IT solution in addition to specialized and organizational measures. Cellent Finance Solutions bundles the thematic areas under the generic term "KWG light" into two service packages that meet these special needs. QUICK Check enables experts at IT and consulting companies to analyze what action needs to be taken, and to derive various solution models from this knowledge. The highest priority is accorded to ensuring that compliant billing and accounting processes are in place, as well as to observance of the approval regulations and duties of disclosure in line with §§ 32 and 24 of the German Banking Act (Kreditwesengesetz, KWG). Further elements of the analysis are organizational obligations in accordance with § 25a KWG and MaRisk (Minimum Requirements for Risk Management), securing of the banking privilege (exemption from business tax), the shortened deadlines for final and audit reports in compliance with § 26 KWG, information and audits submitted to BaFin (German Federal Institute for Financial Services Supervision, § 44 KWG), as well as the combating of money laundering (Money Laundering Act regulations). The appropriate module takes into consideration the stipulations of the Third EU Money Laundering Directive, and is based on the established SMARAGD Anti-Finance Crime Suite already in deployment at numerous internationally operating major banks. Cellent Finance Solutions provides the "KWG § 14" start package as an initial solution for implementing the already binding multi-million loan reports as laid down in § 14 KWG.
A short-term planning strategy ensures that deadlines for 2009 can still be met; a subsequent, multi-step medium-term plan guarantees the further implementation of legal requirements. This means that finalization of the current status analysis creates the decision-making framework for initializing a timely implementation. This is significant where subsequent audits is concerned as the BaFin places great emphasis on the observance of the goals it has set itself.
As a competent partner to the banking industry for many years, Cellent Finance Solutions has extensive experience in the implementation of regulatory requirements, including in the fields credit risk management, data warehousing, combating of money laundering and the monitoring of financial sanctions. In the banking industry, the IT and consulting company has realized numerous projects in the context of Basel II and Solvency II. Cellent Finance Solutions counts among its customers one of the most prestigious German leasing companies, SüdLeasing. Software solutions for the leasing sector are based on a service-oriented architecture (SOA), making them extremely flexible and allowing a rapid and reliable reaction to changes in legislation and bank su-pervisory regulations.
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