Wolters Kluwer’s OneSumX has been chosen by Land Bank of Taiwan’s Singapore branch to provide regulatory reporting software.
According to Wolters Kluwer, this will allow 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.
The scope of new proposals in the MAS overhaul of the MAS 610 reporting regime for banks has been far reaching with banks now preparing to meet the new obligations, according to Wolters Kluwer.
The core set of returns that banks file to the MAS are being revised to require information at a far more granular level beginning next year.
The number of data elements that firms have to report will rise from about 4,000 to approximately 300,000.
Rainer Fuchsluger, managing director of Wolters Kluwer’s finance, risk and reporting business in the Asia Pacific region, said: “As banks address the ever-increasing complexity and granularity of MAS reporting requirements, regulatory compliance management is now top of mind.”
He added: “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 the reduction of regulatory risk as well as enhanced management information. We look forward to working with Land Bank of Taiwan on the implementation.”
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