The Industrial and Commercial Bank of China (ICBC) in London has extended its deal with AxiomSL to use the platform for additional regulatory reporting requirements.
ICBC will now use the solution provider for support in complying with reporting obligations under the Common Reporting Standard (CRS), the Automatic Exchange of Information (AEI) and the Foreign Account Tax Compliance Act (FATCA).
The AxiomSL platform is designed to help banks avoid the infrastructure costs associated with the introduction of new regulatory requirements, by removing the need to invest in new hardware.
As the same platform can be used for multiple sets of regulatory reports, data is consistent between regulators and doesn’t have to be manually applied to multiple reporting tools.
It should also help ICBC to manage the sheer volume of accounts that have to be reported on under CRS.
The platform supports aggregation and cleansing of data, population of templates and the submission of completed reports. It also provides templates and updates them in line with an changes, without affecting workflow.
ICBC London started using the AxiomSL platform in 2013, for its Basel capital calculations and for reporting to the Prudential Regulation Authority (PRA) and the Bank of England (BOE). In 2014, the bank expanded its use of the platform to include include transaction reporting for the European Market Infrastructure Regulation (EMIR).
Shuyi Yuan, deputy CEO at ICBC London, said: “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.”
Ed Royan, COO for Europe, the Middle East and Africa at AxiomSL, said: “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.”
