Equiniti Proves Software Has Potential Application for Regulatory Compliance
The work done with Equiniti proves the solution’s potential application for clients in regulatory reporting, particularly for compliance with the Foreign Account Tax Compliance Act (FATCA) and Solvency II, says Harvey.
“The first and most obvious link between Equiniti’s use of the software and potential uses of FlowDesigner around FATCA framework is the matching and profiling of names and addresses. “Just as Equiniti uses FlowDesigner to find owners of unclaimed assets, financial institutions could use it to find/identify those investors in need of Fatca reporting. For instance, the task of ‘who needs extra reporting?’ would be covered by the profiling/searching features of FlowDesigner. Datactics is currently trialling with a couple of near-shore outsource service providers in this area,” says Harvey.
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Equiniti Data Services has over 25 years’ experience in identity verification, customer tracing, mortality screening and data enrichment services. In particular, it runs large scale tracing programmes using sophisticated business analytics to return unclaimed assets, such as shares to their rightful owners. This means that Equiniti Data Services clients, including many FTSE 100 PLCs, keep their share registers up-to-date, improving data quality and reducing costs associated with operations, such as the distribution of annual company reports.
Read more about Equiniti’s success with Datactics