WOLTERS KLUWER PROVIDES REGULATORY REPORTING SOFTWARE FOR LAND BANK OF TAIWAN’S SINGAPORE BRANCH

KUALA LUMPUR, Oct 18 (Bernama) --  Land Bank of Taiwan’s Singapore Branch has selected 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, maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries.

“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,” said Managing Director for Wolters Kluwer’s Finance, Risk & Reporting business in the Asia Pacific region, Rainer Fuchsluger.

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, a statement said.

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 as the number of data elements that firms have to report will rise from about 4,000 to approximately 300,000.

Wolters Kluwer’s Finance, Risk & Reporting business is a global market leader in the provision of integrated regulatory compliance and reporting solutions to support financial institutions in meeting their obligations to external regulators and their own boards of directors.

Leading financial services firms across the world have implemented the company’s OneSumX solution for integrated Regulatory Reporting, Risk and Finance including ABN AMRO, SME Development Bank Malaysia Berhad, Bahrain Middle East Bank and others.

Wolters Kluwer N.V., headquartered in Alphen aan den Rijn, Netherlands is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. More details on https://wolterskluwer.com.

-- BERNAMA