Wolters Kluwer Financial Services a leading worldwide provider of comprehensive risk management, compliance, finance and audit solutions for the financial services industry, today 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.
"Wolters Kluwer Financial Services' AML solution enables institutions to focus on identifying and addressing the money laundering risks that pose the greatest threats to their organizations 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."
Puype added that the AML solution complements Wolters Kluwer Financial Services' existing solutions and will further expand and strengthen Wolters Kluwer Financial Services' ability to serve its customers in China and the Asia Pacific region. The company provides risk management, compliance, finance and audit professionals in financial organizations across the globe the essential information, technology and services they need to make and follow through on critical decisions. Its solutions offered to customers in the Asia-Pacific region now include those focused on regulatory reporting, financial risk management, enterprise risk management, financial crime controls, performance management, origination and documentation services, and regulatory intelligence and research.