AxiomSL, a global provider of regulatory reporting and risk management solutions, says that Industrial and Commercial Bank of China (ICBC) (London) is 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).
This is the second time ICBC (London) has expanded its use of the platform. The bank began using it 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.