How To Fix FSBP_LEGAL_DATA007 - The credit standing review is required in accordance with para. 18 KWG

SAP Error Message - Details

• Message type: E = Error

• Message class: FSBP_LEGAL_DATA - Regulatory Reporting Data

• Message number: 007

• Message text: The credit standing review is required in accordance with para. 18 KWG

Self-Explanatory Message

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• What is the cause and solution for SAP error message FSBP_LEGAL_DATA007 - The credit standing review is required in accordance with para. 18 KWG ?

  The SAP error message FSBP_LEGAL_DATA007 indicates that a credit standing review is required in accordance with paragraph 18 of the German Banking Act (KWG - Kreditwesengesetz). This error typically arises in the context of financial services and banking modules within SAP, particularly when dealing with customer credit assessments.
  Cause:
  The error is triggered when a transaction or process requires a credit standing review for a customer or business partner, but this review has not been completed or is not available in the system. This is often a regulatory requirement to ensure that financial institutions assess the creditworthiness of their clients before extending credit or entering into financial agreements.
  Solution:
  To resolve this error, you should take the following steps:
  
  
  Perform Credit Standing Review:
  
  Ensure that a credit standing review is conducted for the relevant customer or business partner. This may involve gathering financial data, credit history, and other relevant information.
  
  
  
  Update Customer Data:
  
  Once the credit standing review is completed, update the customer or business partner's data in the SAP system to reflect the results of the review.
  
  
  
  Check Configuration:
  
  Verify that the configuration settings in SAP for credit management are correctly set up. This includes ensuring that the necessary parameters for credit checks and reviews are defined.
  
  
  
  Consult Documentation:
  
  Review the SAP documentation related to credit management and compliance with KWG regulations to ensure that all necessary steps are being followed.
  
  
  
  Contact Support:
  
  If the issue persists after performing the above steps, consider reaching out to your SAP support team or consulting with SAP experts who can provide further assistance.
  
  
  
  Related Information:
  
  KWG (Kreditwesengesetz): This is the German Banking Act that regulates banking operations in Germany, including requirements for credit assessments.
  Credit Management in SAP: Familiarize yourself with the credit management functionalities in SAP, which include credit checks, risk categories, and credit limits.
  Regulatory Compliance: Ensure that your organization is compliant with local regulations regarding credit assessments and customer evaluations.
  
  By following these steps, you should be able to address the error message and ensure compliance with the necessary credit standing review requirements.