Ecovis team provides ongoing support to foreign bank branch with regulatory reporting

Background

A branch of a foreign bank was subject to certain restrictions on hiring professional staff.

Problem

The bank is required to comply with the rules of the Central Bank, which set out the requirements for ensuring the correct accounting of operations as well as minimizing tax accounting and compliance risks, but did not have a sufficient number of professional staff to deal with this.

Solution

With the daily onsite support of one of our professionals and assistance provided a multidisciplinary team, procedures for the accounting of operations, the preparation of information complying with the rules of the Central Bank, the management of daily operational problems, and monthly and annual tax planning were reviewed.

Currently

We have a permanent team at the bank working on this assignment and it is now the fourth consecutive year in which we have performed these tasks to our client’s satisfaction.