The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Thomson Reuters Offers Counterparty Reference Datasets for AnaCredit Compliance

Thomson Reuters has added a module to its Verified Entity Data as a Service platform to help financial institutions comply with the counterparty reference dataset requirements of AnaCredit, a European lending regulation that comes into force in September.

The European Central Bank (ECB) introduced the Analytical Credit Datasets (AnaCredit) project in 2011 to obtain detailed information on individual bank loans in the Eurozone area and be in a position to identify and avert potential financial shock. The legislation requires Eurozone-domiciled lending institutions to report up to 98 data attributes about their corporate debtors on a loan-by-loan basis, where the client total debt exceeds €25,000 (although some countries have opted for a lower threshold).

The legislation impacts financial reporting for banks domiciled across the Eurozone and their branches located outside the area. Denmark and Sweden have also elected to participate.

The Thomson Reuters AnaCredit service will support firms by delivering and maintaining counterparty reference datasets that must be reported each month for each counterparty. Stuart Martin, managing director for Risk Information and Learning Services for the Financial & Risk business at Thomson Reuters, comments: “AnaCredit is the latest of a long line of regulations that require comprehensive entity reference data, making a robust data strategy essential. Digital tools and a trusted source of trusted data are the only way for firms to succeed in the face of multiple needs to report accurate and timely data to regulators.”

Related content

WEBINAR

Recorded Webinar: Managing culture and conduct: Is your organisation compliant with the Senior Managers and Certification Regime (SMCR)?

The FCA’s Senior Managers and Certification Regime (SMCR) came into play in the UK banking sector in early 2016, with the aim of reducing harm to consumers and strengthening market integrity by creating a system that enables firms and regulators to hold individuals to account – and it is not going away with the FCA...

BLOG

PassFort Raises $16.2 Million to Fund Expansion

Financial crime compliance automation specialist PassFort has raised $16.2 million through its recent Series A funding. The company, whose SaaS-based platform automates financial crime and compliance processes, will use the funds to realise its global growth plans. The funding round was led by the US growth equity fund, Level Equity, with participation from PassFort’s existing...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual is a global online event that brings together an exceptional guest speaker line up of RegTech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...