Financial Compliance Transformation with AWS | Tech Mahindra

Overview

A leading North American financial institution was struggling to keep up with evolving Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) requirements due to an outdated reporting system. Tech Mahindra helped modernize the client’s FATCA/CRS system on AWS by delivering an automated, cloud-native solution that keeps the organization compliant, improves operational efficiency, and supports long-term growth.

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Client Background and Challenges

A leading North American financial institution, offering banking, wealth management, and investment services, relied on a legacy FATCA/CRS reporting platform that became obsolete following the vendor’s exit. The organization faced significant challenges, including a higher risk of regulatory penalties and non-compliance, as well as reputational damage that could erode customer trust and its market position.

Our Approach and Solution

Infrastructure Modernization and Risk Mitigation

Eliminated unsupported legacy systems and retired aging infrastructure to reduce operational risks and minimize vendor dependency. This transition replaced outdated environments with a more sustainable, long-term technical foundation.

Scalable Cloud-Native Architecture

Rebuilt the application using AWS-native, cloud-first technologies to ensure high availability and flexibility. The new architecture features a microservices-based design utilizing an Angular frontend, a Spring Boot backend, and AWS Fargate for seamless scalability.

Robust Security and Data Governance

Enhanced the protection of sensitive consumer data by implementing encryption at rest and in transit via AWS KMS. Identity and access management were strengthened using Azure AD and MSAL to ensure rigorous security controls.

Automated Regulatory Reporting and Data Integration

Streamlined FATCA and CRS compliance by automating data ingestion across P&C, wealth, and capital markets. This process includes automated XML report generation to ensure accurate, timely regulatory submissions.

Business and Community Impact

The modernization initiative brought crucial business and technology benefits, including:

  • $500K savings in annual licensing and maintenance due to on-time delivery
  • A DevOps-driven pipeline with automated QA and performance testing accelerated releases while reducing manual effort
  • The first full-scale AWS microservices architecture set the benchmark for future initiatives
  • The client gave a perfect 5/5 rating, showing their trust in Tech Mahindra and confidence in the results delivered.