Solution Overview

AxiomSL, a global leader in regulatory compliance and risk management solutions for over 20 years, provides a data driven compliance platform, which empowers financial institutions to meet their CRS regulatory requirements with confidence. AxiomSL’s data management framework assesses clients’ records creating a centralized client data repository to enrich clients’ data records, monitor internal data procedures, streamline controls & processes and provides the foundations for preparing for future regulations. This integrated solution addresses the CRS requirements in the areas of client classification and reporting.

The centralization of data on a single platform and the automation of the compliance process delivers a simple, cost effective and scalable solution, which collects, analyzes, monitors, audits and validates data and then reports from thousands of client records. AxiomSL’s CRS solution is easy to install at the core of your system infrastructure without any data conversion, allowing you to be CRS compliant with a full audit trail ensuring traceability of every process.

  • Flexible and comprehensive Reporting Solution that provides end-to-end support on multiple regulatory reporting requirements
  • Allows integration of Client specific logic, configuration and definition on rules for specific jurisdiction
  • Supports multiple platforms
  • Single framework for monitoring and reporting (large volume) globally
  • Automate and track updates of metadata, dictionaries and documentation
  • Transparency allowing clients to see the logic applied to data behind every step of the process

  • One-Stop Modular Solution – Data Management, Client Classification, Reporting
  • Single Platform that provides transparency, auditability, automation and integration thus promoting collaboration across business functions with the greatest level of efficiency.
  • Experience – Leading global solution provider with 26 years of history in regulatory reporting, capable of handling various reporting requirements through state-of-the-art technology
  • Hassle Free – No data transformation requirements – flexible data model
  • Client Classification – Identify clients efficiently and perform accurate and on-time due diligence
  • In-House Team of Experts – Keeping up-to-date with the evolving regulations and ensuring the solution is remains compliant and providing post-live support
  • Ease of Reporting – Simple interface to streamline reporting across multiple jurisdictions, entities and business units
  • Flexible – Able to implement last-minute changes based on regulatory requirements

The burden of complying with the CRS regulations has fallen on most participants in financial services industry across the globe who now have to undertake enhanced client due diligence and reporting to their local tax authorities.

CRS presents unique challenges to financial institutions, namely:

    Compliance

  • Understanding, managing, and monitoring of different FATCA reporting requirements based on local jurisdiction
  • Identifying clients efficiently and performing accurate and on-time due diligence
  • Tight regulatory timelines
    IT

  • Extracting and aggregating data from multiple sources in different formats
  • Need for flexibility in reporting systems and processes to adapt to new regulation requirements
  • Generating XML reports satisfying every reporting jurisdictions
  • Adapting the CRS solution to the changing internal systems landscape
  • Technical challenges on encryption and data security concern
    Reporting

  • Generation of multiple reports for reporting jurisdictions where the schema differs from the standard and submission is broken down based on reportable Jurisdictions

Resource Center


APAC Financial Institutions Staring into
the AEOI Headlights

Facing a fixed regulatory compliance timeline, higher client data volumes and continuous changes to already complex requirements; it is time to migrate your tactical FATCA reporting solution to something more agile…


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ICBC (London) plc chooses to extend AxiomSL deployment…

The European Banking Authority (EBA) published today an Opinion on transitional arrangements and credit risk adjustments to mitigate the effect of the accounting standard IFRS 9 on prudential ratios…


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From FATCA to Basel, the impact of regulation will continue to be significant

The Swiss Financial Market Supervisory Authority FINMA has published the revised circular on credit risks and disclosure for banks. The regulations on credit risk capital requirements for banks…


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CRS: Government tax data exchange efforts step up a gear

Governments around the world are stepping up the fight against tax evasion. Previously, they were content to send requests to one another when they wanted information about the offshore accounts…


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As FATCA enters its second year, firms have big decisions to make about reporting

The implementation of the Foreign Account Tax Compliance Act (FATCA) on 1 July 2014 marked a major change in the way governments approach offshore tax evasion and has become the inspiration for a number…


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Flexibility is the key to tackling FATCA and its spin-offs

If imitation is the sincerest form of flattery, the US Internal Revenue Service (IRS) has a lot to smile about. However, market participants around the world have less to be happy about as they face up to the reality…


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