Land Bank of Taiwan’s Singapore Branch has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its regulatory reporting software, allowing the bank to comply with the upcoming Monetary Authority of Singapore (MAS) Notice 610 requirements.
OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries.
The scope of new proposals in the Monetary Authority of Singapore’s overhaul of the MAS 610 reporting regime for banks has been far reaching with banks now preparing to meet the new obligations. The core set of returns that banks file to the Monetary Authority of Singapore are being revised to require information at a far more granular level beginning next year. In fact, the number of data elements that firms have to report will rise from about 4,000 to approximately 300,000. Consequently, banks active in the country are updating their infrastructure to comply with the regulatory developments.
“As banks address the ever increasing complexity and granularity of MAS reporting requirements, regulatory compliance management is now top of mind,” commented Rainer Fuchsluger, Managing Director for Wolters Kluwer’s Finance, Risk & Reporting business in the Asia Pacific region. “Wolters Kluwer’s OneSumX for Regulatory Reporting helps banks automate MAS reporting in a manner which not only meets external compliance, but also generates greater transparency internally, allowing for reduction of regulatory risk as well as enhanced management information. We look forward to working with Land Bank of Taiwan on the implementation.”
Wolters Kluwer’s Finance, Risk & Reporting business is a global market leader in the provision of integrated regulatory compliance and reporting solutions, supporting regulated financial institutions in meeting their obligations to external regulators and their own boards of directors. It receives frequent independent recognition of its excellence and innovation. Notably, in July 2018, Risk magazine awarded Wolters Kluwer its coveted Regulatory Reporting System of The Year Award and Central Banking magazine recently named OneSumX for Regulatory Reporting its Best Technology Solution For Regulatory Compliance. Both awards celebrate success in the field globally.
Leading financial services firms from across the world have implemented the company’s award winning OneSumX solution for integrated Regulatory Reporting, Risk and Finance. Major financial services providers that have recently announced their use of Wolters Kluwer solutions include ABN AMRO, SME Development Bank Malaysia Berhad, Bahrain Middle East Bank, Bank of Beirut, China Merchants Bank, China Everbright Bank, LGT and Nordea.