Thomson Reuters has expanded its service to help the financial sector comply with the new AnaCredit European lending regulation.
The EU legislation, which comes into full force from September, impacts financial reporting for banks domiciled across the Eurozone and their branches located outside the area.
AnaCredit requires Eurozone-domiciled lending institutions to report up to 98 data attributes about their corporate debtors on a loan by loan basis, where the client total debt exceeds €25,000 (some countries have opted for a lower threshold).
The regulation aims to provide the European Central Bank and National Central Banks of the Eurozone System of Central Banks with knowledge on the debt exposures across the region in order to identify and avert potential financial shock.
To help organisations comply, Thomson Reuters has expanded its Verified Entity Data as a Service with the AnaCredit service. The new regulation module exclusively focuses on assisting firms to comply with the Counterparty Reference Dataset requirements of the AnaCredit regulation, delivering and maintaining the information that must be reported each month on the institutions’ counterparties.
Thomson Reuters Verified Entity Data as a Service provides financial institutions with independently researched quality legal entity data to support their core client information needs.
“AnaCredit is the latest of a long line of regulations that financial firms need to manage that requires comprehensive entity reference data, making a robust data strategy across their business essential,” says Stuart Martin, managing director for risk information and learning services for the financial & risk business at Thomson Reuters. “Digital tools and a trusted source of trusted data are the only way for the financial community to succeed in the face of multiple needs to report accurate and timely data to the regulators.”
Earlier this year, BearingPoint’s RegTech platform was chosen by Citadele Bank Lithuania to meet reporting requirements. The bank said it selected Abacus360 Banking to meet the European Central Bank’s (ECB) growing requirements on AnaCredit (analytical credit datasets) reporting.
AxiomSL, a provider of regulatory reporting and risk management solutions, also recently claimed to have helped assist firms meet AnaCredit reporting requirements. The company said it has helped listed clients to comply with the requirements across the Eurozone, from large GSIBs with pan European reporting obligations to DSIBs, subject to high volume single jurisdiction reporting regulations.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
