Data Transformation: Implications for Foreign Exchange Regulatory Reporting in ASEAN+3
This brief reviews prevailing foreign exchange regulatory reporting practices. It highlights the need for standardization and opportunities to make the reporting process more efficient by using data standards, particularly ISO 20022.
Current regulatory practices in the Association of Southeast Asian Nations, the People’s Republic of China, Japan, and the Republic of Korea (collectively known as ASEAN+3) are repetitive and can be burdensome for reporting financial institutions. The brief examines how the transition from unstructured data practices to structured data, as represented by ISO 20022, presents opportunities. Authorities can leverage developments in data exchange to improve monitoring through more timely reporting and enhanced data quality, while also reducing the reporting burden.
Additional Details
- Finance sector development
- 12
- 8.5 x 11
- BRF250420-2
- 978-92-9277-466-0 (print)
- 978-92-9277-467-7 (PDF)
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