The UK Financial Services Authority’s (FSA) recent fining of German bank Commerzbank (see our coverage here) for its transaction reporting failures is just one instance of the regulator’s current focus on the data details of a firm’s business. One of the underlying problems in Commerzbank’s case was the incorrect allocation of counterparty codes and the use of proprietary codes for these counterparties, which is exactly why the FSA and other European regulators are so keen for the mandatory inclusion of Bank Identifier Codes (BICs) in these transaction reports, among other data standards.

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