Appeasing the Regulators

September 15, 2015 – Ed Royan, COO EMEA at AxiomSL

Ed Royan, COO EMEA at AxiomSL, has given an interview to Private Banker International in which he discusses the impact of regulations on private banks.

Ed Royan, Chief Operating Officer, AxiomSLEd explains that because private banks offer a wide range of products, they face many different regulatory requirements: “The challenge for private banks is pretty much the same as for the investment banks. They’ve still got to do their capital reporting, credit risk, market risk, statistical reporting, liquidity reporting and liquidity calculations. With private banks, even though they have lower transaction volumes, their product sets are still quite large, so they end up falling into all the different regulatory requirements anyway. If you look at tax – the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) – they’ve got a lot of individuals on their books who are within the scope of the reporting requirements.”

Ed says the trend is towards greater harmonization of regulations across jurisdictions, but explains that banks still face challenges if they use separate regulatory reporting platforms to manage individual requirements.

You can read the full interview on the Private Banker International website by clicking on this link.