Category Archives: Regulatory Reporting/Regulatory Compliance

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Why is Regulatory Reporting Tough?

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‘Regulatory reporting’ is the submission of raw or summary data needed by regulators to evaluate a bank’s operations and its overall health, thereby determining the status of compliance with applicable regulatory provisions. Governments across the world give prime importance to keep their banking systems updated. This has proved to be an important task, more so after the…

Regulatory Reporting Costs and Burden for Small & Mid-Sized Banks

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Anecdotal evidence from bankers suggests that the cost of complying usually increases with new rules and regulations when large statutory changes are made to financial laws and rules of any country or region[1]. This burden increases significantly when such changes are made especially after a financial crisis. New regulations stemming from the financial crisis has…

Regulatory Reporting for Financial Institutions: The Technology Challenge

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While we have previously analyzed the impact of regulations on banks due to various key issues (see related articles at the end of the blog), implementation of new technology and the need to update IT infrastructure has been a significant issue for banks and financial institutions. Regulators demand information on various activities (liquidity management, asset…

Overview Of SAR (Suspicious Activity Reporting)

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Suspicious Activity Reporting (SAR) forms the cornerstone of the Bank Secrecy Act (BSA) and provides critical financial information to combat terrorist financing, money laundering, and other financial crimes. To comply with this requirement, it is essential for financial institutions to have in place sophisticated monitoring and reporting processes capable of identifying and monitoring transactions and…

FATCA: Overview, Challenges and Implications for Banks

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Overview On the outset, let’s first understand what exactly FATCA (Foreign Account Tax Compliance Act) is in its simplest sense. “The Foreign Account Tax Compliance Act (FATCA) is a United States federal law whose intent is to enforce the requirement for United States persons (including those living outside the U.S.) to file yearly reports on…

A Review of BCBS 239: Helping banks stay compliant

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The Basel Committee of Banking Supervision’s (BCBS) guiding principles, titled BCBS 239: Principles for Effective Risk Data Aggregation and Risk Reporting came into being in the aftermath of the 2008 Financial Crisis. The global financial crisis brought to the fore how banks’ information technology (IT) and data architectures were inadequate to deal with the management…