Wolters Kluwer Financial Services announced today that the Bank of Taiwan has selected its FRSGlobal regulatory reporting solution to help ensure regulatory reporting compliance in its recently opened Mainland China branch.
The bank started a thorough selection process last year to explore several regulatory reporting systems that could provide reliable compliance to the various Mainland China regulatory bodies. Wolters Kluwer Financial Services' FRSGlobal business was chosen due to its wealth of experience in providing Taiwan-based banks and branches with regulatory intelligence and reporting systems, as well as its extensive knowledge of Mainland China regulation.
"In order to ensure the smooth opening of our new branch in Mainland China, we needed trusted, reliable and robust systems in place. This was particularly important for regulatory reporting operations as there is a strong need to adhere to stringent directives in an accurate and timely fashion," said Yen Quei Tien, First Representative, Bank of Taiwan. "But compelling regulatory reporting systems are composed of more than effective software. To be truly fit for purpose it needs a team of regional-specific experts to analyze and update that software as changes are made. These are core strengths of Wolters Kluwer Financial Services and the team supporting the FRSGlobal solutions, and why we elected to work with them."
The bank selected FRSGlobal to help manage compliance with regulations set out by the People's Bank of China (PBOC), the China Banking Regulatory Commission (CBRC) and the State Administration of Foreign Exchange (SAFE), including foreign currency account reporting (ABOQ) and Balance of Payment (BOP) reporting and various operational reports, including anti-money laundering reports.
"With a presence in 30 offices around the world and solutions that cover more than 40 countries, we are in prime position to enable firms to easily roll out risk and regulatory reporting operations in new territories where they are expanding," said Michael Thomas, Regional Director - North Asia, Wolters Kluwer Financial Services' FRSGlobal "We are very pleased to be working with the Bank of Taiwan as they enter Mainland China and look forward to supporting them as their business grows."
As part of the solution, the Bank of Taiwan will benefit from FRSGlobal's unique Regulatory Update Service, which provides access to information to help remain up-to-date and compliant with changes to PBOC, SAFE and other regulators in the region. FRSGlobal's dedicated team of in-house experts actively monitor regulatory changes in Mainland China regulation, providing updates within the product subscription.