AIM Software, based in Vienna, Austria, is completing its acquisition of New York-based entity data management vendor Joss Technology, according to Olivier Kenji Mathurin, head of product marketing and research for the data management vendor. Joss Technology is the maker of the Entity Data Management System (EDMS), the “entity master” that uses a fuzzy logic… Read More >>
FATCA’s Potential Role in the U.S. Presidential Race
The Foreign Account Tax Compliance Act (FATCA) is not going away quietly although the limited bandwidth of the mainstream media is blocking a broader discussion of this very controversial effort by the U.S. Treasury Department and Internal Revenue Service…
eClerx Partners with Comply Exchange
Business process support vendor eClerx has partnered with Comply Exchange, a tax compliance and reporting services provide, to “form an end-to-end solution for tax reporting,” according to an official statement. The partnership aims to provide financial entities with a scalable tax reporting solution to “support the many cumbersome activities associated with customer segmentation, client outreach, data… Read More >>
Bancolombia to Deploy FATCA Solution
AxiomSL, a provider of regulatory reporting and risk management solutions to the financial services industry, reports that Bancolombia, Colombia’s largest bank, will be deploying AxiomSL’s Foreign Account Tax Compliance Act (FATCA) solution. The 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… Read More >>
Alacra Adds GIIN Support to AAF+
Client onboarding, reference data and business research vendor Alacra has added global intermediary identifier numbers (GIINs) to the Alacra Authority File Plus (AAF+), officials say. There are approximately 140,000 institutions with GIINs, which are issued by the Internal Revenue Service (IRS) to foreign financial institutions (FFI) as part of the Foreign Account Tax Compliance Act… Read More >>
Ex-CIBC COO Becomes GRI President & CEO
The Toronto-based Global Risk Institute in Financial Services (GRI) has a new president and CEO Richard Nesbitt as of today, an appointment that follows Dr. Michel Maila’s decision to retire from those positions after three years’ service, officials say. Until September of last year, Nesbitt was chief operating officer at Canadian bank CIBC until he… Read More >>
Cordium Debuts Compliance Workflow Solution
Compliance consulting and software vendor Cordium has just launched Pilot, a new compliance workflow management system, officials say. Pilot is designed “to manage complex compliance and operational tasks from start to finish,” and thus help compliance professionals manage and keep on top of their workload, according to a company statement. Pilot centers around an interactive… Read More >>
Uncleared Swaps Get a Reprieve on Margin Requirements
When regulators recently extended the deadline for the margin requirements on uncleared swaps from Dec. 1, 2015 to Sept. 1, 2016, they gave firms some breathing room, but also sent the clear message that the rules aren’t going away. Firms active in the swaps markets are breathing a sigh of relief, but that shift should… Read More >>
Why Corporate Actions is Still an Ops Burden
Last week, in an FTF News story about a new white paper from financial messaging cooperative SWIFT, I focused on the toll that regulatory compliance is taking on financial services firms. I wasn’t able to delve into the corporate actions section of the SWIFT paper but I can do that now. As I noted, the… Read More >>
Welcome to the FATCA Follies Tour
It’s reassuring that the fireworks of the Foreign Account Tax Compliance Act (FATCA) are showing no signs of slowing down. One might even call it a global review and title it “The FATCA Follies.” Since FATCA became law in 2010, it has had many ramification such as compelling firms with clients affected by the law… Read More >>
