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19 April 2017

Regulatory reporting

Seeking expertise in FATCA and CRS?
Udi Vithanage, Associate Director

Regulation has changed beyond all recognition in recent years. Fund managers and multi-nationals alike all have to conduct their activities within a complex and ever-changing regulatory climate. Over the last five years, we’ve seen the introduction of AIFMD, FATCA and the Common Reporting Standard and you can be sure there’s plenty more on the horizon.

Ready for regulation

At the Aztec Group, we recognise that leaving regulatory matters to external specialists to deal with just isn’t enough – our clients expect us to have a deep understanding of the issues affecting their businesses.

That’s why we have our own in-house centre of expertise in place – a technical team that client relationship teams can go and see at a moment’s notice, or even call into an impromptu client meeting. People who aren’t just there to react to and deal with regulatory change, but monitor developments and think through the potential implications for clients in advance.

Above all, the team is there to apply their technical expertise to the unique needs and circumstances of each individual client – knowledge gained through working alongside the relationship teams, not for them.

The average day…

The role of the technical team is a relatively broad one, with regulatory reporting, quality control, technical support and general oversight among our main activities.

Probably the most topical example of regulatory reporting in action is FATCA and CRS. On a daily basis, we work side-by-side with the client relationship teams to perform everything from entity classifications and registrations to due diligence and reporting. Regulatory reporting isn’t just about paperwork though – we’re always the first point of call for our teams before any form of external opinion is sought.

As for quality control, this typically involves reviewing financial statements to ensure they fall in line with the relevant accounting practices and regulatory framework, and, of course, meet clients’ expectations. Our mantra has always been about providing the same high standard of service across all client relationships and jurisdictions – the technical team is there to ensure there are no slip ups in consistency.

It’s difficult to define technical support because we are very much at the disposal of the client relationship teams for whatever guidance or advice they might need. So, one minute we might be preparing updates on the latest regulatory developments or delivering technical training, and the next being a sounding board to a team following a complicated technical query from a client.

And finally, oversight. This generally involves the development of controls and processes and monitoring their usage across the business. Again, it’s all about ensuring consistency in our service.

Compliance with minimum fuss

The goal for our clients is simple – they want to comply with their relevant regulatory and reporting requirements, but with minimal disruption caused to their business and their own clients in the process. It’s up to us to make that happen.


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