AxiomSL, a leading provider of regulatory reporting and risk management solutions to the financial services industry, announced today that Bancolombia, Colombia's largest bank by assets and shareholders' equity, will be deploying AxiomSL’s Foreign Account Tax Compliance Act (FATCA) solution to meet regulatory and corporate reporting requirements.
Through Bancolombia’s successful and rapid implementation of the strategic reporting platform, the leading multinational bank has expanded its engagement with AxiomSL in order to address FATCA mandates.
Changes in the regulatory environment will continue to evolve on a local and global scale. Bancolombia recognised that AxiomSL’s flexible and robust platform for regulatory and corporate reporting could seamlessly and quickly meet these guidelines. AxiomSL’s FATCA solution is a scalable and cross-border tax reporting platform which will leverage the bank’s reporting process to ensure on-time compliance with reporting mandates and will quickly be implemented across five jurisdictions: Colombia, Panama, El Salvador, the Cayman Islands and Puerto Rico. The platform allows Bancolombia to consolidate and reconcile data across siloed departments through a strategic reporting platform, while further leveraging AxiomSL’s template services to deliver regulatory reporting in Latin America (LATAM). The combination of transparent and scalable technology with the reporting templates will ensure that Bancolombia can continue to streamline its reporting process across all lines of business, while meeting local, regional and international regulatory reporting demands.
“Our decision to extend our relationship to include AxiomSL’s FATCA solution is due, in part, to our interest in keeping pace with the complexity of today’s regulatory environment and in maintaining cost-effectiveness across all operations,” said Jaime Alberto Villegas Gutierrez, Vice President, Service Delivery and Customer Experience, at Bancolombia. “AxiomSL’s integrated platform enables us to quickly meet complex financial and regulatory requirements efficiently and effectively, while also streamlining our reporting processes across critical business functions and jurisdictions. This will ensure that we have the flexibility to make rapid and frequent changes to meet evolving regulatory demands.”
The complexity of today’s reporting environment, as defined by various deadlines, mapping rules and local formats, requires that financial institutions have a multi-jurisdictional IT infrastructure in place to ensure a smooth and integrated response to mandates. Furthermore, as new countries join the Common Reporting Standard (CRS) agreement, the sustainability and leveragability of solutions become even more critical, and AxiomSL’s FATCA platform offers this at a superior level, helping firms avoid added operational and financial costs over time.
“Our strategic reporting platform and LATAM coverage of regulatory requirements empower Bancolombia with the ability to leverage its initial investment by integrating source data to meet other regulations such as FATCA,” said Alex Tsigutkin, CEO at AxiomSL. “FATCA is one of many regulations that the industry has addressed within global tax laws, and our scalable solution is built to evolve with this regulatory environment, by covering future mandates such as ‘UK FATCA’ and Automatic Exchange of Information reporting (CRS templates) requirements. As firms need to address these multiple mandates, AxiomSL’s platform enables institutions to improve their automation and auditability, ultimately reducing the cost of compliance and maintaining a strong competitive advantage.”