AxiomSL unveiled that Industrial and Commercial Bank of China (ICBC) (London) plc has decided to extend its use of the AxiomSL platform to cover the reporting required as part of the Common Reporting Standard (CRS)/Automatic Exchange of Information (AEI) and the Foreign Account Tax Compliance Act (FATCA). The decision will allow the bank to avoid the increased infrastructure costs often associated with the introduction of a new regulation or tax requirement.
This is the second time ICBC (London) plc has expanded its use of the AxiomSL platform, which can be used to comply with multiple regulatory calculation and reporting requirements globally. The bank began using the platform in 2013 to run its Basel capital calculations and for reporting to the Prudential Regulation Authority (PRA) and Bank of England (BOE). In 2014, it expanded its deployment of the platform to comply with the transaction reporting requirements of the European Market Infrastructure Regulation (EMIR).
By now also using the same instance of the AxiomSL platform for CRS and FATCA, ICBC (London) will be able to contain the cost of regulatory compliance by avoiding the need to implement new hardware and retrain staff. The ability to use the same platform for multiple regulatory reporting requirements also ensures consistency between the data that is submitted to different regulators and results in efficiency because the same data does not need to be loaded on to multiple reporting tools.
The number of accounts that financial firms must report on as part of CRS will be significant. The AxiomSL platform provides all of the functionality firms need to manage this volume by automating their CRS reporting. The platform supports the aggregation and cleansing of data, the population of templates and submission of completed reports.
AxiomSL also provides all of the report templates required as part of CRS and updates them when they are changed. The flexibility of the platform means that changes to CRS reporting templates can be added quickly without impacting existing logic.
“It is clear this is the time to adopt a strategic solution for CRS and FATCA. We have been very pleased with the results of using AxiomSL’s platform for the Basel, PRA, BOE and EMIR requirements, so the decision to also use it for CRS and FATCA came naturally. The scalability and flexibility of AxiomSL’s platform means we can contain the cost of regulatory compliance by using a single infrastructure to manage multiple requirements,” said Shuyi Yuan, Deputy CEO at ICBC (London) plc.
“We are pleased that ICBC (London) has decided to expand its use of our platform to comply with more regulatory requirements,” said Ed Royan, Chief Operating Officer, EMEA, AxiomSL. “The number of reports that will need to be submitted as part of CRS means firms need to start thinking strategically about their compliance. We are proud to offer a single platform that can be used to comply with not only these requirements, but also many others around the world.”