Thomson Reuters Offers Counterparty Reference Datasets for AnaCredit Compliance

Blog entry

Thomson Reuters has added a module to its Verified Entity Data as a Service platform to help financial institutions comply with the counterparty reference dataset requirements of AnaCredit, a European lending regulation that comes into force in September.

The European Central Bank (ECB) introduced the Analytical Credit Datasets (AnaCredit) project in 2011 to obtain detailed information on individual bank loans in the Eurozone area and be in a position to identify and avert potential financial shock. The legislation requires Eurozone-domiciled lending institutions to report up to 98 data attributes about their corporate debtors on a loan-by-loan basis, where the client total debt exceeds €25,000 (although some countries have opted for a lower threshold).

The legislation impacts financial reporting for banks domiciled across the Eurozone and their branches located outside the area. Denmark and Sweden have also elected to participate.

The Thomson Reuters AnaCredit service will support firms by delivering and maintaining counterparty reference datasets that must be reported each month for each counterparty. Stuart Martin, managing director for Risk Information and Learning Services for the Financial & Risk business at Thomson Reuters, comments: “AnaCredit is the latest of a long line of regulations that require comprehensive entity reference data, making a robust data strategy essential. Digital tools and a trusted source of trusted data are the only way for firms to succeed in the face of multiple needs to report accurate and timely data to regulators.”