Dutch bank ABN AMRO has chosen UnaVista to support its SFTR trade reporting and MiFID II transaction reporting processes.
UnaVista, a division of the London Stock Exchange, will provide the bank with its SFTR Accelerator, a data testing tool which enables firms to import sections of required data to compare with ESMA’s technical standards.
SFTR (Securities Financing Transactions Regulation) will go live from April 2020 and will require firms to report their SFT transactions to an approved trade repository, such as UnaVista. The FinTech is approved in both the UK and the Netherlands.
The aim of the new regulation is to improve transparency and empower authorities to better assess risks within the transactions.
UnaVista was also picked to help streamline MiFID II regulatory reporting, supplying its data sourcing services to ease workflows.
ABN AMRO Bank SFTR implementation lead Jop Rouw said, “ABN AMRO Bank is looking forward in partnering with UnaVista. We like to focus on our core business and fulfil our trade reporting obligations at the same time. With professional partners like UnaVista, we think we can have the best of both worlds.”
The bank is currently under investigation for fears it has been failing to conduct proper due diligence on clients for a number of years, leaving it a prime location for money laundering. While the scale of the investigation is little known, it is believed the bank failed to report suspicious activities in a timely fashion.
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