System Helps Institutions Manage Enterprise Risk and Meet National and International Regulatory Obligations
Wolters Kluwer Financial Services announced the availability of its anti-money laundering (AML) solution for financial institutions 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 Financial Services’ AML solution helps institutions monitor and report suspicious activities at an enterprise-level. The solution provides institutions with advanced due diligence processes with customized 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, the country’s central bank, issued new AML rules, requiring financial institutions 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.