Wolters Kluwer expands AML service to Taiwan
15 September 2015 Taipei
Image: Shutterstock
Wolters Kluwer Financial Services has launched its OneSumX anti-money laundering (AML) solution developed for the Taiwanese market.
OneSumX provides various complementary solutions and services designed to help manage governance, finance, risk and compliance, to help clients improve efficiency.
In particular, the AML solution is an integrated service that helps protect firms against compliance failure, sanctions and fines. It covers key areas of AML and terrorist funding risk and automatically generates cash transaction reports and suspicious transaction reports.
It can also be integrated with SWIFT message formats and processes, and can integrate with other banking systems. Advanced due diligence processes also include customisable rule sets and risk scoring.
The system works through one single system, meaning accuracy throughout the process and transparency on risk and activity, for both regulators and stakeholders.
Wilson Lai, market manager at Wolters Kluwer Financial Services, said: “The increasing sophistication of money launderers means that government regulators are demanding a more comprehensive response. Financial services firms that follow manual processes face the risk of ineffective control mechanisms and should be looking for a more holistic risk based approach to strengthen their AML approach.”
He added: “OneSumX AML continues to be adopted by leading institutions globally and we are delighted to now also offer this service for Taiwan.”
OneSumX provides various complementary solutions and services designed to help manage governance, finance, risk and compliance, to help clients improve efficiency.
In particular, the AML solution is an integrated service that helps protect firms against compliance failure, sanctions and fines. It covers key areas of AML and terrorist funding risk and automatically generates cash transaction reports and suspicious transaction reports.
It can also be integrated with SWIFT message formats and processes, and can integrate with other banking systems. Advanced due diligence processes also include customisable rule sets and risk scoring.
The system works through one single system, meaning accuracy throughout the process and transparency on risk and activity, for both regulators and stakeholders.
Wilson Lai, market manager at Wolters Kluwer Financial Services, said: “The increasing sophistication of money launderers means that government regulators are demanding a more comprehensive response. Financial services firms that follow manual processes face the risk of ineffective control mechanisms and should be looking for a more holistic risk based approach to strengthen their AML approach.”
He added: “OneSumX AML continues to be adopted by leading institutions globally and we are delighted to now also offer this service for Taiwan.”
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