Standard Chartered Bank tackles reporting restrictions with BearingPoint
To fulfill its global reporting obligations in 63 countries, Standard Chartered has now deployed regtech BearingPoint’s tax reporting solution FiTAX, which covers more than 130 jurisdictions.
Meeting the requirements set by the Common Reporting Standard (CRS), the Foreign Account Tax Compliance Act (Fatca) and the need for a qualified intermediary (QI), the bank hopes to tackle the challenges of efficient, high-quality tax reporting.
Partnering last year, Standard Chartered chose BearingPoint for implementation “to keep pace with the continually changing reporting requirements”, as well as to establish a consulting partner for other “ad hoc consulting needs”.
“Given the short timelines set for the implementation project, and the complexity of the volume of data involved, we are confident we chose the right partner for this project,” says Standard Chartered’s head of client tax information reporting Tom Pryce, who says the two partners are seeking “to stay on top of the evolving reporting landscape”.
BearingPoint’s Singapore and Switzerland-based teams helped the bank from architectural design decisions, through to data mapping and set-up, testing and ultimately going live.
Management board member at the regtech Ronald Frey says it has previous experience in “similar large projects”, so aren’t surprised that the project ran smoothly. Frey also says his company is looking forward “to a long-term relationship” with Standard Chartered.