Bahar Sezer, Business Analyst, Regulatory Analysis, at AxiomSL, has written an article for Wealth Briefing about the regulatory changes affecting banks in Switzerland
In the article, she explains that Swiss banks submitted their first Foreign Account Tax Compliance Act (FATCA) reports at the end of March. Many are now looking to automate their FATCA reporting the next time around, while also monitoring the development of the Common Reporting Standard (CRS).
On the domestic front, banks in Switzerland face important changes this year to the templates they use to report to the Swiss National Bank (SNB) and must also prepare for Finanzmarktinfrastrukturgesetz (FinfraG) transaction reporting requirements.
Faced with so many changes, Bahar argues banks should take advantage of overlaps between the new requirements and ensure the regulatory reporting technology they use offers a high degree of flexibility.
She writes: “In order to keep on top of the changes that are coming, Swiss banks need to focus on rationalising their regulatory compliance infrastructure and avoiding unnecessary complexity. Rather than spending time and money loading and processing the same data multiple times on different platforms, banks should minimise the number of platforms they use – ideally using just one platform to comply with all regulations in multiple jurisdictions.”
She continues: “Many banks struggle to keep up because their chosen reporting platform does not allow them to implement regulatory changes (such as adding the new SNB templates) without undergoing a complete software update – which is usually time-consuming and costly because it requires input from a team of experts. In today’s fast-paced environment, banks can no longer afford such a cumbersome approach and must ensure they are not subject to mandatory software releases every time a regulation changes.”
You can read the full article on the Wealth Briefing website by clicking here.
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