Wolters Kluwer Financial Services is making available its anti-money laundering (AML) solution for financial institutions (FIs) operating in China. The company’s system can help institutions detect and report suspicious activity in order to comply with guidelines administered by regulatory authorities governing China and the Asia Pacific region.
Wolters Kluwer FS’s AML solution helps institutions monitor and report suspicious activities at an enterprise-level. The solution provides institutions with advanced due diligence processes with customised rule sets. It also allows for the risk scoring of customers for AML purposes based upon national and international regulatory standards.
In December 2012, The People’s Bank of China (PBOC), the country’s central bank, issued new AML rules, requiring FIs to rate clients’ risks based on their location and the nature of their businesses, including their levels of transparency. The move came on the heels of watchdog groups’ claims that trillions of dollars in funds were laundered over the past decade.
“Wolters Kluwer FS’s AML solution enables institutions to focus on identifying and addressing the money laundering risks that pose the greatest threats to their organisations and their customers,” said Chris Puype, managing director for the company’s Asia-Pacific business. “Just as importantly, it allows them to deliver transparency to regulators and stakeholders on customer activity and enterprise risk.”
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