Industrial and Commercial Bank of China (ICBC) (London) has extended its deal with AxiomSL to use the platform for additional regulatory reporting requirements.
The bank will now use AxiomSL’s 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).
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
AxiomSL said that its solution will help the lender to contain the cost of regulatory compliance by avoiding the need to implement new hardware and retrain staff.
AxiomSL platform supports the aggregation and cleansing of data, the population of templates and submission of completed reports. It also provides report templates required as part of CRS and updates them in line with any changes.
In 2013, ICBC commenced using the platform to run its Basel capital calculations and for reporting to the Prudential Regulation Authority (PRA) and Bank of England (BOE). The firm expanded its deployment in 2014 to comply with the transaction reporting requirements of the European Market Infrastructure Regulation (EMIR).
ICBC (London) deputy CEO Shuyi Yuan 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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"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."
AxiomSL COO for EMEA Ed Royan said: "We are pleased that ICBC (London) has decided to expand its use of our platform to comply with more regulatory requirements."
"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."
