ICS BANKS® Regulatory Reports is a comprehensive software solution designed to address the complex and evolving regulatory and compliance challenges faced by banks and financial institutions. It specifically targets requirements such as Know Your Customer (KYC), Anti Money Laundering (AML), Foreign Account Tax Compliance Act (FATCA), and Common Reporting Standards (CRS), which have long posed significant hurdles. The solution enables banks to adopt a more holistic approach to meeting current legal and business requirements by providing automated regulatory reporting capabilities. It supports adherence to both local and global regulations mandated by authorities, including central banks, leveraging the ICS BANKS® MIS module for rapid report generation. Furthermore, it facilitates compliance with international accounting and supervision standards like IFRS, BASEL II, BASEL III, AAIOFI, and IFSB for Islamic banks, and ensures alignment with the latest SWIFT standards through planned releases. The system features holistic API connectivity to local and regional authorities for seamless regulatory and compliance processing. By deploying ICS BANKS® Regulatory Reports, financial institutions can significantly reduce their total cost of ownership (TCO) over the product's lifetime, enhance business agility, and ensure high accuracy in their reporting processes. The underlying ICS BANKS® platform is built to be remarkably modular, secure, agile, cloud-native, and cloud-agnostic, supporting business continuity and expansion.

Features & Benefits

• Automated Regulatory Compliance
  • Addresses ongoing challenges such as Know Your Customer (KYC), Anti Money Laundering (AML), Foreign Account Tax Compliance Act (FATCA), and Common Reporting Standards (CRS).
  • Supports local and global regulations required by authorities like central banks.
  • Leverages the ICS BANKS® MIS module for rapid report generation.
• International Standards Adherence
  • Enables banks to meet and obtain the latest updates on critical accounting and supervision standards.
  • Includes IFRS, BASEL II, BASEL III, AAIOFI, and IFSB for Islamic banks.
  • Ensures compliance with the latest SWIFT standards within planned releases.
• Holistic API Connectivity
  • Connects to local and regional authorities for further regulatory and compliance processing, ensuring seamless data exchange.
• Reduced Total Cost of Ownership (TCO)
  • Users of ICS BANKS® enjoy a reduced total cost of ownership for the lifetime of the product.
• Advanced Platform Capabilities
  • Built on a robust and modern banking platform designed for efficiency and future-proofing.
  • Complete Cloud-Native & Cloud-Agnostic Platform.
  • Automated Processes & Robotics, leading to time and money savings with high accuracy.
  • Offers high security, scalability, and flexibility to adapt to evolving business needs.