#Japan #Compliance Station #Nagasaki #TSR #Nagasaki Bank

Strengthening Compliance: Nagasaki Bank's New Step

Nagasaki Bank has recently taken a significant stride in enhancing its anti-money laundering and counter-terrorism financing measures by adopting the compliance solution "Compliance Station® UBO Series" offered by Tokyo Shoko Research, Inc. (TSR). This integration aims to improve the efficiency of ongoing customer management by streamlining the process of gathering key information about ultimate beneficial owners (UBOs) and mitigating potential risks.

Background to the Implementation

In recent years, incidents of money laundering through corporate accounts have been on the rise, making continuous customer oversight in financial institutions increasingly critical. Traditional methods have struggled to keep up with the complexities of these situations. Thus, a pressing challenge has been how to balance the increased demands of operational workload with effective management.

In response to these challenges, Nagasaki Bank has explored advanced solutions to enhance and streamline ongoing customer management. The "Compliance Station® UBO Series" was chosen for its ability to comprehensively obtain necessary information for evaluating customer risks, including vital details about UBOs, and its capacity to provide timely updates on changes in that information.

Future Prospects and Implementation Benefits

With the new solution, Nagasaki Bank is set to leverage the "Compliance Station® UBO Series" in managing corporate clients. Previously, verifying corporate statuses and collecting the most current information regarding company names, addresses, representatives, and UBOs involved substantial effort and costs. The recent adoption of this service allows the bank to gather comprehensive and up-to-date information efficiently with reduced workload.

The expected outcome of this initiative is a more robust compliance management process, aligning with Nagasaki Bank's commitment to maintaining high standards of regulatory compliance.

TSR remains dedicated to supporting Nagasaki Bank's enhanced customer oversight capabilities through ongoing product development and improved support structures.

About Compliance Station® UBO

The "Compliance Station® UBO" is a tool developed by Compliance Data Lab, a partner of TSR, specifically designed for checking ultimate beneficial owners. By searching a company name online, users can utilize TSR’s extensive corporate information database that covers over 10.45 million firms in Japan, allowing for the identification of UBOs through a unique algorithm. The tool provides essential corporate information such as company name, address, representative, industry classification, and corporate number.

The system allows for flexible queries, including individual searches and bulk processing. If a corporate number is available, it can process up to 300,000 companies in approximately three minutes.

For more details about Compliance Station® UBO, visit here.

About Tokyo Shoko Research, Inc. (TSR)

Headquartered in Chiyoda, Tokyo, TSR is Japan's oldest credit research firm. With one of the largest corporate databases comprising over 10.45 million entries, TSR has contributed to Japan’s economic activities for over 130 years. Additionally, TSR serves as the exclusive partner of Dun & Bradstreet (D&B), one of the world's largest providers of business information, offering access to a global database of over 643.95 million corporate profiles.

For more information, visit TSR's website.