With the FATCA registration deadline now past, one of the immediate challenges facing financial institutions is ensuring systems are adequate not only for this latest in a line of regulatory changes but also for what’s around the corner.
This is the message from Blue Bison Software’s executive vice president, Chris Eaton, who was in the islands earlier this month to launch new business partnerships in Guernsey and Jersey.
‘The plethora of recent regulation means that organisations are now well versed in deploying technology to address increasingly complex compliance challenges’, said Chris. ‘This has created challenges with regard to data collection, cleansing and consolidation, and dealing with information held within multiple data repositories.
‘With FATCA alone, there are both the US and UK variants to consider while the OECD is also looking ahead to the Common Reporting Standard. ‘UK FATCA’ introduces four additional data points to the seven US indicia, which may not be based on tax citizenship but tax residency.
‘The Blue Bison solution represents a more holistic approach by providing a single “golden source” for all client data and a system that is wholly compliant and adaptable to accommodate current and future regulatory demands. We are delighted to be working with the Guernsey and Jersey business communities. We have already had some very positive responses to our products and services and we look forward to developing mutually beneficial relationships in the islands over the next few months.’
Guests from across all sectors of the finance services industry were invited to launch events co-hosted by Blue Bison and its local partners, Sigma, Triverto and Madihan Risk Assurance.
Ross Paisley IT account manager, Sigma, commented:
‘We work closely with the finance sector in the islands. Through the years our clients have had to adapt to many changes, and we have always been right there with the tools they need. Since the recent introduction of FATCA legislation, it is now more important than ever to have the right systems and processes in place to stay ahead of the curve. Our new partnership with Blue Bison ensures that we are able to provide for the future, and we are confident this will only be another great addition to our business solutions portfolio.’
Blue Bison was established in 2002 in the Cayman Islands and was acquired by the Ignition Group following in April 2013. The company provides packaged software solutions for Governance Risk & Compliance with a specific focus on extended KYC and AML, including all variations of FATCA.
Blue Bison’s partners in the Channel Islands are Sigma and Triverto (Jersey); Sigma and Madihan Risk Assurance (Guernsey).