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AWV REPORTS (CROSS-BORDER PAYMENT REPORTS)

AWV reports – what are they?

According to the German Foreign Trade and Payments Act (AWG) § 26 in connection with German Foreign Trade Regulations (AWV) §§ 59 ff., organizations have to report their transactions for cross-border payments. This information serves both Germany and the EU to generate a balance of payments and provides information about German foreign trade. You can find detailed information on the website of Deutsche Bundesbank.

Who has to provide AWV payment reports?
Organizations – and persons – based in Germany are obligate to report all payments that exceed Euro 12,500 that are payable to recipients outside of Germany or that they receive from other countries.

How does it work?
A new procedure is mandatory as of September 1, 2013. Previously, organizations could report transactions using paper forms and/or via their banks, as of November 4, 2013 only electronic reports are accepted that in addition have to be transmitted directly to Deutsche Bundesbank. Transmission via other banks is no longer possible.

As a standard procedure for electronic reports, Deutsche Bundesbank offers the Generals Statistics and Reporting Portal which has been facilitating generation and submission of reports according to the new regulations since July 2013. User-programmed procedures are accepted as well if they comply with the requirements of Deutsche Bundesbank.

What changes with the new reporting rules?
The changes of AWG and AWV took effect on September 1, 2013.

As of November 4, 2013

Realization of AWV reports in EBsec® / CPS

 

cogon supports you with the transfer of AWV reports not only with a modern electronic banking solution but also with in-depth and practical know how. Talk to us and profit from our expertise and best practice experiences! We provide all advice and support you need.