The ever-increasing volume of rules around international exchange of data has prompted the Chinese lender to extend its use of a regulatory reporting system.

ICBC in London, the China-headquartered banking group that provides services including wealth management, has extended its use of a regulatory reporting system to keep pace with rules such as the US's FATCA and the global data exchange regime known as the Common Reporting Standard.

The bank is extending its use of the AxiomSL platform, the second time the Chinese lender has expanded its use of this firm’s systems since starting to employ its services in 2013.

“By now also using the same instance of the AxiomSL platform for CRS and FATCA, ICBC (London) will be able to contain the cost of regulatory compliance by avoiding the need to implement new hardware and retrain staff,” the bank said.