Nippon Wealth Ltd., a restricted license bank (NWB) in Hong Kong, will be using the anti-money laundering (AML) and regulatory reporting solution capabilities of OneSumX, a suite from Wolters Kluwer Financial Services, officials say.
Nippon Wealth, which is focused on Japan and the rest of Asia, will use the OneSumX suite for governance, finance, risk, and compliance, “allowing for the multidisciplinary management of complex risks and issues,” say vendor officials.
The OneSumX AML solution provides comprehensive real-time monitoring of risks, and presents real threats as they arise and provides firms with the ability to address those risks, vendor officials say. In addition, the OneSumX Regulatory Reporting solution, 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,” says Ryutaro Uehara, chief technology officer (CTO) at NWB, in a prepared statement. “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.”
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 to provide customers with more comprehensive wealth management services, officials say. The firm began doing business in May 2015 and NWB has been using OneSumX solution for regulatory reporting and AML.
Nippon Wealth is a wholly-owned subsidiary of OJBC Co. Ltd. and an associate of Shinsei Bank, officials say. In terms of Tier-1 capital, Shinsei Bank is ranked 12th in Japan.
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