Land Bank of Taiwan in Singapore switches on Wolters Kluwer OneSumX for reg reporting

Source: Wolters Kluwer

Land Bank of Taiwan’s Singapore Branch has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its regulatory reporting software, allowing the bank to comply with the upcoming Monetary Authority of Singapore (MAS) Notice 610 requirements.

OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries.

The scope of new proposals in the Monetary Authority of Singapore’s overhaul of the MAS 610 reporting regime for banks has been far reaching with banks now preparing to meet the new obligations. The core set of returns that banks file to the Monetary Authority of Singapore are being revised to require information at a far more granular level beginning next year. In fact, the number of data elements that firms have to report will rise from about 4,000 to approximately 300,000. Consequently, banks active in the country are updating their infrastructure to comply with the regulatory developments.

“As banks address the ever increasing complexity and granularity of MAS reporting requirements, regulatory compliance management is now top of mind,” commented Rainer Fuchsluger, Managing Director for Wolters Kluwer’s Finance, Risk & Reporting business in the Asia Pacific region. “Wolters Kluwer’s OneSumX for Regulatory Reporting helps banks automate MAS reporting in a manner which not only meets external compliance, but also generates greater transparency internally, allowing for reduction of regulatory risk as well as enhanced management information. We look forward to working with Land Bank of Taiwan on the implementation.”

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