AxiomSL, the baton in accident abstracts administration and authoritative advertisement for banking services, has appear a new anatomy band-aid for advertisement and appointment the CIQPR to the Cayman Islands Monetary Authority (CIMA).
Originally anesthetized by CIMA in 2009, the CIQPR is filed on a annual base and requires banks to aftermath about 30 letters of capricious complexity, including complete banking statements, and a ambit of credit, operational and bazaar accident schedules all-important to account their basic capability requirements. In adjustment to complete the CIQPR, banks operating in Cayman accept to complete accident abstracts sourcing and accession processes from assorted systems, but in the past, banks accept had the best of carrying the abstracts to regulators either via XBRL templates or aural manually-submitted, acceptable Excel files.
AxiomSL developed a added sophisticated, XBRL-based anatomy afterwards CIMA afresh appear that Cayman banks will be appropriate to accomplish submissions via a new advertisement portal, accepted as the Authoritative Enhanced Electronic Forms Submission, or REEFS. The new aperture is designed, in part, to animate all firms to alteration to XBRL and is set to become appropriate for banks aing year, arch both bounded and internationally domiciled institutions to amend their abstracts administration action today, alike as on-the-ground operational assets for abounding of them abide limited.
The new band-aid will action all CIQPR reconciliations, accredit banks to accomplish greater drill-down into basal CIQPR calculations, and provides options to aftermath customized letters for centralized use. It is advised to interface with the new REEFS portal, while additionally application users’ acceptable Excel view.
“CIMA is a arch regulator amid adopted jurisdictions, and the new CIQPR REEFS belvedere is in band with the advance for greater accuracy into Cayman-domiciled backing and, as a result, requirements for added diminutive data,” says Alex Tsigutkin, AxiomSL CEO. “We are already alive with a cardinal of all-around institutions to accouterment their accessible REEFS alteration for CIQPR, and apprehend that abounding banks will accept a agnate action in modernizing their CIPQR anatomy and access in the advancing year.”
AxiomSL is the arch all-around provider of authoritative reporting, abstracts and accident administration solutions for banking casework firms, including banks, agent dealers, asset managers and allowance companies. Its different action abstracts administration (EDM) belvedere delivers abstracts lineage, accident aggregation, analytics, workflow automation, validation and analysis functionality.
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