20 September 2017
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Tencent subsidiary Money Data turns to Thomson Reuters for AML compliance

21 September 2016  |  2922 views  |  0 Source: Thomson Reuters

Tencent’s subsidiary, Money Data Limited, has selected Thomson Reuters Risk solutions to comply with the Hong Kong Monetary Authority’s (HKMA) Anti Money Laundering (AML) and Countering the Financing of Terrorism (CFT) licensing requirements in its successful application to obtain the Stored Value Facilities (SVF) license under the Payment Systems and Stored Value Facilities Ordinance.

As a provider of services such as WeChat Pay, which enables WeChat users to transfer money, make payments online and with participating retailers, Money Data Limited implemented Thomson Reuters’s Risk solutions to assist in adhering to HKMA regulatory requirements. The selection reaffirms the strength of the Thomson Reuters screening platform and position as a leader and trusted partner in the regulatory technology (RegTech) revolution.

Thomson Reuters World-Check Risk Intelligence is a structured database on politically-exposed persons (PEPs) and heightened risk individuals and organizations globally. World-Check data helps customers identify threats, and comply with legislation and regulations for preventing money laundering, terrorist financing, corruption, organized crime and third party risk. Money Data Limited has selected both web (World-Check One) and software (Screening Deployed) solutions of World-Check for simple integration in aiding their KYC workflow.

“With the selection by Tencent of our AML and KYC solutions, Thomson Reuters continues our commitment to assist leading corporations respond to increased threats as well as comply better to regulatory requirements in the Asia region,” said Sanjeev Chatrath, Managing Director, Financial & Risk, Asia Pacific, Thomson Reuters.

“For any regulated firm to thrive in the long term, consistent investment needs to be made in the risk, compliance and control functions. With heightened scrutiny on regulatory requirements around the globe, Thomson Reuters provides comprehensive, tailor-made and timely risk management solutions that help to increase and protect a firm’s transparency and accountability,” he added.

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