AxiomSL, a provider of regulatory reporting and risk management solutions to the financial services industry, reports that Bancolombia, Colombia’s largest bank, will be deploying AxiomSL’s Foreign Account Tax Compliance Act (FATCA) solution.
The FATCA solution is a “scalable and cross-border tax reporting platform which will leverage the bank’s reporting process to ensure on-time compliance with reporting mandates,” AxiomSL says, noting that the bank will implement the solution across Colombia, Panama, El Salvador, the Cayman Islands and Puerto Rico.
“The platform allows Bancolombia to consolidate and reconcile data across siloed departments through a strategic reporting platform, while further leveraging AxiomSL’s template services to deliver regulatory reporting in Latin America,” say AxiomSL officials.
AxiomSL also spotlights the “complexity of today’s reporting environment, as defined by various deadlines, mapping rules and local formats, [which] requires that financial institutions have a multi-jurisdictional IT infrastructure in place to ensure a smooth and integrated response to mandates,” according to the vendor.
“Our decision to extend our relationship to include AxiomSL’s FATCA solution is due, in part, to our interest in keeping pace with the complexity of today’s regulatory environment and in maintaining cost-effectiveness across all operations,” Jaime Alberto Villegas Gutierrez, Bancolombia’s vice president, service delivery and customer experience, says in a prepared statement. “AxiomSL’s integrated platform enables us to … meet complex financial and regulatory requirements efficiently and effectively, while also streamlining our reporting processes across critical business functions and jurisdictions. This will ensure that we have the flexibility to make rapid and frequent changes to meet evolving regulatory demands.”
Among the requirements and mandates that AxiomSL’s strategic solution meets are Basel III, Liquidity, Dodd-Frank, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239 and Solvency II, AIFMD, XBRL submission and market and credit risk management requirements, the New York City-headquartered company notes.
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