Nippon Wealth Signs Up to use OneSumX for Anti-Money Laundering and Regulatory Reporting
Wolters Kluwer Financial Services has won another client for its growing Asia Pacific business. The regulatory and risk technology company has just signed Nippon Wealth Limited, a Restricted License Bank (NWB) as a user of OneSumX. The restricted license bank, based in Hong Kong and focused on Asia and Japan, will use the solution for anti-money laundering (AML) and regulatory reporting, as it establishes its operations.
Recent Asia Pacific client wins for Wolters Kluwer Financial Services include China Construction Bank in Hong Kong and Sri Lanka’s Commercial Bank of Ceylon and Hatton National Bank. The firm’s EMEA business, meanwhile, has also been enjoying considerable success signing a diverse range of major financial institutions across the region in recent months ranging from Banca Monte Paschi Belgio to Ireland’s permanent TSB and Israel Discount Bank.
OneSumX is a suite of solutions that connects governance, finance, risk, and compliance, allowing for the multidisciplinary management of complex risks and issues. The OneSumX AML solution, developed to provide firms with comprehensive real-time monitoring of risks, presents real threats as they arise and provides firms with the ability to address those risks in the most efficient manner. The OneSumX Regulatory Reporting solution, meanwhile, uses a single source of data to help ensure consistency, reconciliation and accuracy.
“We established NWB in August 2013 with a mission to provide clients with comprehensive wealth management services. Notably, we recently acquired approval from the Hong Kong Monetary Authority to establish a restricted license bank. As we establish operations and as part of our commitment to excellence, we have to ensure the highest standards in the fields of AML and regulatory reporting. Accordingly, we chose a technology provider which is vastly experienced in providing expertise in these areas – Wolters Kluwer Financial Services,” said Mr. Ryutaro Uehara, Chief Technology Officer at NWB.
Following the approval of NWB’s restricted banking license application in April 2015, the firm plans to acquire Type 1 and Type 4 licenses from the Securities and Futures Commission. Having commenced business in May 2015, NWB used the Wolters Kluwer Financial Services OneSumX solution for regulatory reporting and AML oversight.
“Our Asia Pacific business is witnessing impressive growth, thanks to our expertise and breadth of reach in the region. We are, of course, delighted to be working with NWB at this important point in its history,” commented Mr. Chris Puype, managing director for Asia Pacific at Wolters Kluwer Financial Services.