Swan is required to collect the German tax identification number* to comply with German anti-money laundering regulations and tax identification processes. These requirements are stipulated in the German Fiscal Code* and by the Federal Financial Supervisory Authority*.
| English* | German | German acronym | |
|---|---|---|---|
| German Fiscal Code | Abgabenordnung | AO | |
| Federal Financial Supervisory Authority | Bundesanstalt für Finanzdienstleistungsaufsicht | BaFin | |
| German Tax Identification Number | Identifikationsnummer | Tax ID | |
Tax identification number (Tax ID)
The tax identification number, referred to as Tax ID for the rest of the article, is an 11 or 13-digit personal identifier issued to all individuals born or residing in Germany. You can find your Tax ID on official documents like your income tax assessment notice or tax certificate.
If you’ve misplaced or forgotten your Tax ID, you can request a re-notification through the Federal Central Tax Office (”Bundeszentralamt für Steuern” or “BzSt”).
Why Swan collects your Tax ID
Under Section 154 Paragraph 2a Sentence 1 AO, financial institutions like Swan must collect and record the Tax ID for the following user types with payment accounts in Germany:
- Account holders of payment accounts.
- Account members with permission to initiate payments from an account.
- Legal representatives of company accounts. These are legal representatives named in official registration documents or individuals authorized to operate the legal entity’s payment account through a Power of Attorney (POA).
- Ultimate Beneficial Owners (UBOs), who benefit from the ultimate control of the company.
Swan must make the Tax ID accessible to the BzSt in an account retrieval file system. This is in compliance with Section 93b Paragraph 1a AO, which covers the automated retrieval of account information.
How Swan uses your Tax ID
Swan only uses your Tax ID for tax and regulatory identification.
Your Tax ID isn’t used for any other reason, and strict security protocols are followed to ensure your data remains confidential and secure.
Visit Swan's Trust Center for live information about Swan's security to learn how Swan keeps your information secure.
If you have further questions, submit a request to Swan Support.