#Japan #Compliance Station #Miyagi #UBO Series #Miyagi Credit Union

Strengthening Compliance with UBO Integration

Miyagi's First Credit Union has taken a significant step in enhancing its measures against money laundering and the financing of terrorism by adopting the Compliance Station UBO Series from Compliance Data Lab (CDL). This system utilizes a high-quality corporate database from Tokyo Shoko Research (TSR) to provide instant access to beneficial owner information. The initiative comes as the financial landscape increasingly demands robust compliance measures, given the rising cases of money laundering involving corporate bank accounts.

Background of Adoption

In recent years, financial institutions have faced escalating challenges due to the increasing misuse of corporate accounts for money laundering. This reality has underscored the importance of continuous customer monitoring and compliance. Traditional methods of managing and verifying corporate client information have become inadequate in the face of evolving risks. Recognizing this, Miyagi's First Credit Union sought innovative solutions to enhance and streamline their ongoing customer management processes.

After thorough evaluation, the credit union acknowledged the advantages provided by the Compliance Station UBO Series, particularly its ability to comprehensively gather essential customer risk assessment data, including information on ultimate beneficial owners (UBOs). This capability allows for timely adjustments to changes in customer data, which is critical in maintaining robust compliance operations.

Benefits of Implementation and Future Outlook

With the incorporation of the Compliance Station UBO Series, Miyagi's First Credit Union aims to optimize its ongoing corporate customer management efforts. The previous methods of collecting information about corporate structures, latest company names, addresses, representatives, and UBOs required substantial time and resources. However, with this new service, the institution can efficiently procure comprehensive information, thereby significantly enhancing its compliance management practices.

Moreover, CDL is committed to supporting Miyagi's First Credit Union in enhancing its continued customer management strategies, particularly in preparation for the upcoming FATF's fifth mutual evaluation in 2028. The focus remains on improving the operational framework for Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) measures, ensuring that financial institutions can adapt to the changing landscape of financial crime effectively.

Overview of the Compliance Station UBO Series

The Compliance Station UBO Series leverages TSR's extensive corporate database with impressive coverage across Japan. By simply searching for a company name online, users can receive essential information about beneficial owners (UBOs) and other data needed for risk assessments, thanks to CDL’s proprietary algorithms. The platform also supports bulk data processing, allowing users to process up to 300,000 corporate records in just about three minutes if corporate numbers are available.

Plans Overview:

• - UBO: Standard Plan that provides basic corporate information along with UBO data.
• - UBO+: Includes additional intermediate shareholder information and a capital chain diagram.
• - UBO Exec: Offers information about company executives in addition to standard plan features.
• - UBO C&S: Supplies information on business partners such as suppliers and customers.
• - UBO Monitoring: Sends notifications regarding changes to corporate names, addresses, and UBOs.

Terminology Explained

Ultimate Beneficial Owner (UBO): Refers to a natural person who directly or indirectly holds more than 25% of the voting rights in a corporation.

About Compliance Data Lab (CDL)

• - CEO: Hiroshi Yamazaki (Certified Anti-Money Laundering Specialist, Certified Global Sanctions Specialist, Master's in Engineering from Johns Hopkins University)
• - Location: 4th Floor Otemachi Building, 1-6-1 Otemachi, Chiyoda Ward, Tokyo
• - Business Focus: Providing compliance management data services, consulting, system development, and operational outsourcing since its establishment on April 1, 2021.
• - Contact: 03-6837-9665
• - Website: brand page

CDL’s Mission and Vision

CDL aims to make advanced compliance management an accessible reality. With a focus on utilizing data and leveraging technology and expertise, CDL strives to deliver optimal services. The ultimate goal is to become the number one solution vendor for compliance management based on data utilization.