Ronald Frey, BearingPoint RegTech

Standard Chartered Bank has announced the deployment of Amsterdam-based BearingPoint RegTech’s tax reporting solution FiTAX in a bid to comply with global reporting obligations including Common Reporting Standard (CRS), Foreign Account Tax Compliance Act (FATCA) and Qualified Intermediaries reporting.

“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,” said Tom Pryce, Head of Client Tax Information Reporting at Standard Chartered. “We look forward to continuing our relationship with BearingPoint going forward as we seek to stay on top of the evolving reporting landscape.”

According to the supplier, it was selected by the bank in 2018 as a provider of a single integrated reporting solution for assisting the bank in adapting to changing reporting requirements, supporting one-time implementation projects and other ad hoc consulting needs. FiTAX is a 360-degree tax reporting solution with capabilities including data acquisition to uploading encrypted report files into the tax authorities’ portal.

“As with all large-scale projects, the implementation phase requires our tax reporting experts to adapt to the bank’s specifications, such as type of activities, internal policies or data privacy rules,” commented Ronald Frey, member of the management board at BearingPoint RegTech. “We honed onto the expertise we gained in other similar large projects, enabling our experts to tackle these individual client demands efficiently. We are very pleased that the project ran smoothly and look forward to a long-term relationship with Standard Chartered.”

Recently, Revolut announced that it has selected regulatory and risk technology solutions provider BearingPoint RegTech in a bid to leverage its Abacus360 Banking for EBA and AnaCredit reporting.

by Megha Bhattacharya
Market Analyst at IBS Intelligence