The challenge for financial institutions is that AnaCredit calls for the granular reporting of over 100 separate data variables on corporate customers with loans in excess of €25,000.
While most financial institutions are required to maintain strong ‘Know Your Customer' data, the data fields required for AnaCredit go deeper and wider than regular compliance checks. This can often result in gaps in the data that is readily available on file for a customer.
In addition to that financial institutions are obliged to ensure all data reported to AnaCredit is accurate and up to date. As a result even if the data is partially on file, it will mostly likely need to be re-checked against the latest official filings and statutory details on the company or legal entity.
AnaCredit requires financial institutions to report granular data in a harmonised dataset to the European Central Bank.
This can be a time consuming, but necessary undertaking for any bank to collate and report this data accurately at regular intervals. Especially if the bank does not currently have automated batch processes already in place and is attempting to manually up date the data required in any kind of fragmented fashion.
AnaCredit is a new dataset with detailed information on individual bank loans in the euro area. The name stands for “analytical credit datasets”.
The initiative was created by the ECB, with the first phase of reporting scheduled for the end of January 2018. Its aim is to achieve a harmonised database that supports several central banking functions, such as decision-making in monetary policy and macroprudential supervision.
We're already helping clients across the Financial Services sector achieve smooth hassle free reporting of AnaCredit data requirements
CRIFVision-Net maintains the largest, most uptodate database of official statutory information on Irish companies. Better still, our data is always on! This means it's updated in real-time so you're guaranteed to get the very latest most up to date information on your corporate customers as per the requirements for your AnaCredit reporting.
As well as giving you access to all of the statutory data fields required under AnaCredit, CRIFVision-Net go a step further. We have already analysed the financial filings of Irish companies, which are also included in the reporting requirements. This combination ensures with CRIFVision-Net you have access to the vast majority of the data variables required for fluid hassle free AnaCredit reporting.
Finally we have built AnaCredit granular reporting software to allow you effortlessly identify the legal entity behind your applicable customers and from there export the required data fields.
If you have a question on any of our KYC / AML services, Tel: (01) 903 2660 and ask our compliance specialists.