New York, NY, January 31, 2002 – IDOM announced today that four of their existing New York-based clients have recently selected REG-Reporter to automate their required off-shore Cayman Islands reporting.
Bayerische Landesbank, HypoVereinsbank, Landesbank Hessen-Thuringen and Westdeutsche Landesbank, all existing REG-Reporter users in New York, have executed license agreements with IDOM whereby they now have their Cayman Island off-shore reporting automated through REG-Reporter.
Bernd Haeger, Senior Vice President at Landesbank Hessen-Thuringen, said, "We
do a sizable amount of business in the Cayman Islands and as such are required
to file both the Banks and Trust Companies Law and the International Claims and
Liability by Country, Instrument and Currency reports to the Cayman Islands Monetary Authority. This had been a manual, extremely tedious process for us so were very pleased to find that IDOM had recently added Cayman reporting capabilities to REG-Reporter."
REG-Reporter automates compliance with reporting requirements to regulatory authorities, management and head offices, and helps ensure the accuracy and integrity of financial reports while increasing the efficiency of reporting. It combines data from all of the bank's systems into a central data repository, where key information is translated into standardized data. The resulting data is then compiled into required report formats recognized by regulatory agencies such as the Federal Reserve Bank.
"REG-Reporter now has the added capability to process both off-shore and on-shore reporting for the Cayman Islands Monetary Authority's required reports," IDOM's President & CFO Vincent Raniere stated. "The amount of interest that the addition of Cayman reports to REG-Reporter's list of reports has generated has been truly remarkable."