The challenges posed by new regulations and the impact on local banks are significant and growing.
Seminar attendees appreciated the balance of conceptual overview ‘top of the triangle’ to help see the woods for the trees provided by Synergy Software Systems, Director: Stephen Jones. The real meat then came from the selective presentation of the key details for Basel lll and FATCA reporting requirements presented by banking systems analyst Andrew Bonnici from Computime (authors of BRSANALYTICS).
The evidence of a significant number of incidents of late reporting and regulatory fines is sobering.
http://www.brsanalytics.com/news-events/20-great-turnout-at-basel-iii-seminar-in-dubai-internet-city.html
Attendees welcomed the low risk, rapid implementation approach of a purpose built ‘out of the box’ solution for regulatory compliance reporting. They also appreciated that:
– it is supported by Synergy Software Systems established local company that specialises in Financial solutions, with financially qualified consutltants.
– it is developed adn maintained by Computime an established solutions provider since 1994, with a clear future road map
– there is proven succesessful adoption evidenced by a several case studies presented by Computime International Channel manager Daniel Buttigieg.
– Synergy Software Systems is a Microsoft Information worker partner for many years, and has experienced certified consultants in the underlying Microsoft technology stack (SQL, SSRS, SSAS, Excel etc) to ensure high quality delivery and support.
Synergy Software Systems and Computime have been associated companies for many years both implementing Sunsystems. If you could not make today’s seminar – then we plan to repeat it next month, and you can also meet us at Gitex, in Hall 7. For the next seminar we will build and show some example FATCA reports because we expect Dubai authorities to complete their consultation exercises and to put this into effect by year end. Although FATCA reporting does not come into effect till 2015 the reports will need to cover 2014 which is is not so far away. FATCA affects pretty much any financial services company with any clients anywhere in the world that are USA citizens or companies and its a pretty broad net. The implications and costs of compliance are huge and little understood. Andrew cited this quote from the U.K.: HMRC estimates the cost for UK business over the first 5 years to be £1.1bn-£2bn, running thereafter at an annual cost of £50m-£90m Non-compliance potentially leads to a 30% witholding tax on your USA operations.
If you have challenges with regulatory reporting and need expert guidance and a proven solution then please contact us. 00971 43365589
