Ikeda Senshu Bank Reinforces Anti-Money Laundering Measures with TSR's Compliance Solution

Strengthening Compliance in Banking

Ikeda Senshu Bank has taken a significant step forward in its fight against financial crimes with the introduction of the Compliance Station® UBO from Tokyo Shoko Research (TSR). This strategic move aims to bolster their anti-money laundering (AML) and counter-terrorism financing (CTF) measures, which are now considered pivotal components of the bank's operational integrity.

Background of the Implementation

As part of its commitment to combatting money laundering and financial terrorism, Ikeda Senshu Bank regularly conducts verification updates with all its customers, including corporations. Historically, the bank utilized direct mailings and consultations by sales representatives to carry out these verification processes. However, with the introduction of the Compliance Station® UBO, they aim to enhance their customer management system through improved utilization of corporate data.

The decision to implement this compliance solution comes as Ikeda Senshu Bank recognizes the importance of addressing money laundering as a key business issue. They are committed to adhering to international requests and relevant legislation, ensuring the appropriateness and transparency of their operations.

In line with this initiative, TSR has pledged to continue supporting Ikeda Senshu Bank by enhancing product development and bolstering its support framework to foster the ongoing advancement of their customer management practices.

Overview of the Compliance Station® UBO

The Compliance Station® UBO is an advanced tool developed by Compliance Data Lab Inc., a partner of TSR, designed to check for actual controllers of companies. By entering a company’s name into the online interface, users can identify the actual controller based on a unique algorithm utilizing TSR's extensive corporate information database, one of the largest in Japan.

This tool provides essential information, including the company name, address, representatives, industry type, and corporate number. The Compliance Station offers flexible processing options, allowing for single searches or batch processing. With a corporate number, the station can efficiently process up to 300,000 corporate entities in approximately three minutes.

Commitment to Compliance

Ikeda Senshu Bank aims to ensure compliance with international requirements while maintaining operational integrity. The bank's top management recognizes the growing importance of establishing a robust compliance framework which not only adheres to legal mandates but also improves the trust and transparency valued by stakeholders.

Additionally, TSR's involvement gives Ikeda Senshu Bank the edge in staying ahead of compliance challenges, as they benefit from continuous support and product enhancement aligned with evolving regulatory standards.

In conclusion, the partnership between Ikeda Senshu Bank and TSR exemplifies a proactive approach toward ensuring corporate governance and operational transparency in banking. By leveraging sophisticated compliance solutions, they strengthen their infrastructure against financial crimes, which is increasingly vital in the modern financial landscape.

For more details about the Compliance Station® UBO, click here.

About Tokyo Shoko Research (TSR)

Founded over 130 years ago, TSR is recognized as Japan's oldest credit research company, boasting an extensive corporate database comprising over 10.15 million entities and a nationwide network across 82 locations. As the sole partner of Dun & Bradstreet (D&B) in Japan, TSR provides access to over 615.56 million corporate records globally, contributing substantially to Japan’s economic activities.

For additional information, visit TSR's official website.