Bancolombia Implements AxiomSL's Fatca Solutions

Columbian-investment bank looks to keep up with regulations.

Bancolombia added AxiomSL's Facta solution in order to keep pace with new regulations.

Bancolombia, Columbia's largest bank, announced it will add AxiomSL's Foreign Account Compliance Act (Fatca) solution.

The reporting platform will allow Bancolombia to meet reporting mandates across its five jurisdictions (Colombia, Panama, El Salvador, the Cayman Islands and Puerto Rico).

"Our decision to extend our relationship to include AxiomSL's Fatca solution is due, in part, to our interest in keeping pace with the complexity of today's regulatory environment and in maintaining cost-effectiveness across all operations," said Jaime Alberto Villegas Gutierrez, vice president of service delivery and customer experience at Bancolombia. "AxiomSL's integrated platform enables us to quickly meet complex financial and regulatory requirements efficiently and effectively, while also streamlining our reporting processes across critical business functions and jurisdictions. This will ensure that we have the flexibility to make rapid and frequent changes to meet evolving regulatory demands."


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