#Japan #Tokyo #Compliance Station #UBO Series #Nagasaki Bank

Nagasaki Bank's Commitment to Compliance

Recently, Nagasaki Bank has reinforced its initiatives against money laundering and the financing of terrorism by implementing an innovative solution known as the Compliance Station® UBO Series. Developed by Compliance Data Lab Co., Ltd. (CDL), this tool leverages the extensive corporate database maintained by Tokyo Shoko Research (TSR) to provide essential information on ultimate beneficial owners (UBOs) quickly and efficiently.

Background of Implementation

The rise in money laundering cases involving corporate accounts has heightened the importance of ongoing customer management within financial institutions. As incidences of misuse grow, traditional methods for monitoring customer risk have become increasingly inadequate. Financial institutions are now faced with the critical challenge of balancing practical workload with effective management strategies. To tackle these issues, Nagasaki Bank embarked on a journey to explore new solutions that could enhance both the efficiency and complexity of their customer management processes.

After thorough evaluation, the bank recognized that the Compliance Station® UBO Series could address these challenges effectively. The series not only aggregates comprehensive information regarding UBOs but also facilitates real-time monitoring of any changes, enabling the bank to stay ahead of potential risks.

The Advantages of the UBO Series

With the adoption of the Compliance Station® UBO Series, Nagasaki Bank aims to significantly improve its continuous customer management efforts, particularly for corporate clients. The previous approach to verifying corporate realities, including the collection of up-to-date company names, addresses, and UBO details, was labor-intensive and costly. However, the introduction of this service promises to alleviate these burdens for customers while allowing the bank to collect exhaustive and current data more efficiently.

This transition is expected to usher in a new era of elevated compliance management. In anticipation of the Financial Action Task Force (FATF) mutual evaluation in 2028, CDL continues to aim for a more effective framework for anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. These components are crucial for enhancing Nagasaki Bank's ongoing customer management systems.

Overview of the Compliance Station® UBO Series

The Compliance Station® UBO Series boasts a vast database with one of the largest coverage for corporate entities in Japan, enabling users to search for company names online and immediately access vital information through CDL’s proprietary algorithm. The service includes essential data required for risk assessments, including information on UBOs, and supports bulk data processing for corporations with assigned corporate numbers, handling up to 300,000 corporate data entries in approximately three minutes.

Key Features of the UBO Series:

• - UBO Standard Plan: Provides basic information and UBO details for the target companies.
• - UBO+: Offers additional data such as intermediate shareholder information and capital structure diagrams.
• - UBO Exec: Includes officer information beyond what's available in the standard plan.
• - UBO C&S: Enriches the offering with details on suppliers and customers.
• - UBO Monitoring: Regular updates on changes to company names, addresses, and UBOs.

Conclusion

As the global landscape of financial compliance evolves, Nagasaki Bank's approach using the Compliance Station® UBO Series sets a benchmark for modern banking solutions. By leveraging technology and robust data management, the bank not only improves its compliance measures but also strengthens overall operational efficiency, positioning itself as a leader in the financial sector.

Company Overview: Compliance Data Lab Co., Ltd. (CDL)

• - CEO: Hiroshi Yamazaki, certified Anti-Money Laundering Specialist and Global Sanctions Specialist, Master of Engineering from Johns Hopkins University.
• - Address: 5-53-67 Jinguumae, Shibuya-ku, Tokyo, Japan.
• - Services: Provides data services and consulting for compliance management, software development, and operational outsourcing.
• - Established: April 1, 2021.
• - Website: www.c-datalab.com

CDL’s mission focuses on making advanced compliance management accessible, aiming to become the No. 1 solution vendor in data-driven compliance management.