Wolters Kluwer Financial Services’ foreign assets and liability reporting, or FAL, system can help institutions operating in China comply with the State Administration of Foreign Exchange’s latest rules. SAFE’s rules, designed to simplify direct investment relationships with foreign entities, are the latest step toward deregulation and market reform by China’s government and regulators.
The FAL rules require financial institutions operating in China to acquire and report on foreign exchange business data in accordance with an initial report submission deadline of October 10, 2014. The new reporting requirements pertain to foreign receipt and payment truncations; account data; foreign currency purchase and sales activity; foreign debt data; and data tied to assets, liabilities and trading with overseas economic entities.
Wolters Kluwer Financial Services’ FAL system supports all reports required by SAFE, automatically generating the required documents and interfacing to SAFE’s reporting system for submission. The solution provides an audit trail of the entire reporting process and allows for authority management for cross-sector, multi-level users of the system. All of this helps financial institutions create a more transparent, efficient reporting process.
About: Wolters Kluwer Financial Services provides more than 15,000 customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent brands include: AppOne®, ARC Logics®, AuthenticWeb™, Bankers Systems, Capital Changes, CASH Suite™, FRSGlobal, FinArch, GainsKeeper®, NILS®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz ®. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and solutions provider with annual revenues of (2013) €3.6 billion ($4.7 billion) and approximately 19,000 employees worldwide.
Source: Wolters Kluwer Press Release