Sawayaka Shinkin Bank Adopts Compliance Station for Efficient Risk Management
Sawayaka Shinkin Bank, headquartered in Ota City, Tokyo, has officially adopted the Compliance Station UBO, a service provided by Compliance Data Lab (CDL). This innovative platform uses high-quality corporate databases from Tokyo Shoko Research (TSR) to offer instantaneous information on Ultimate Beneficial Owners (UBOs) for effective compliance management.
The bank recognized a pressing need for efficient collection methods regarding corporate clients’ UBO information for risk assessment. Historically, they relied on mailed surveys, which presented significant challenges such as postal costs, low response rates, and administrative burdens on their branches. With the introduction of Compliance Station UBO, Sawayaka Shinkin Bank will now benefit from a real-time access to up-to-date corporate data based on regular surveys conducted by TSR, a well-established company in the industry. This change will significantly enhance their ability to monitor and manage corporate relationships.
The integration of Compliance Station UBO facilitates a streamlined approach to continuous customer management for Sawayaka Shinkin Bank. Previously, the collection of vital company information like corporate status, names, addresses, UBOs, and shareholder data was costly and labor-intensive. However, with the Compliance Station UBO, obtaining comprehensive and current data is now achievable with minimal effort, enabling more efficient compliance management.
As the banking sector braces itself for the Financial Action Task Force (FATF) 5th Mutual Evaluation in 2028, there is an urgent requirement for robust Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) strategies. CDL is committed to supporting Sawayaka Shinkin Bank enhance its ongoing customer management practices through continual product development and support.
Global measures against sophisticated financial crimes, including money laundering, are intensifying. The Ministry of Finance's action plan on combating money laundering and terrorist financing to be released in 2024 highlights the need to enhance the effectiveness of domestic preventive measures. Changes in the risk environment also necessitate further action, especially given the increasing prevalence of fraudulent transactions exploiting corporate accounts, as evidenced by the recent "リバトン事案" case involving the misuse of around 4,000 corporate accounts leading to significant financial losses.
To address these challenges, the Financial Services Agency issued a request to strengthen measures against the fraudulent use of bank accounts, including enhanced identification procedures during account openings, greater monitoring of high-risk transactions, and early detection of suspicious transactions. Financial institutions, especially regional banks and credit unions, must now adopt effective data management techniques within their limited resources to ensure robust compliance practices.
The Compliance Station UBO allows users to efficiently search for companies online, providing a wealth of information derived from TSR's extensive database. Employing CDL's proprietary algorithms, users can quickly identify UBOs, including critical details such as company names, addresses, representatives, industry types, and corporate numbers. The system enables both individual queries and bulk processing of data, capable of handling 300,000 corporations in approximately three minutes if a corporate number is supplied.
Ultimate Beneficial Owner (UBO): A natural person who directly or indirectly holds more than 25% of the voting rights in a corporation.
Compliance Data Lab, Inc. (CDL)
CEO: Hiroshi Yamazaki (Certified Anti-Money Laundering Specialist, Certified Global Sanctions Specialist)
Location: Marunouchi 3-2-2, Marunouchi Nijubashi Building, Chiyoda, Tokyo
Business: Compliance management data services, consulting, and systems development outsourcing
Founded: April 1, 2021
Contact: 03-6837-9665
Website: https://www.c-datalab.com/
Mission and Vision of CDL
CDL aspires to make advanced compliance management accessible and aims to become the leading solution vendor for compliance management using data resources and technology.
Background of the Implementation
The bank recognized a pressing need for efficient collection methods regarding corporate clients’ UBO information for risk assessment. Historically, they relied on mailed surveys, which presented significant challenges such as postal costs, low response rates, and administrative burdens on their branches. With the introduction of Compliance Station UBO, Sawayaka Shinkin Bank will now benefit from a real-time access to up-to-date corporate data based on regular surveys conducted by TSR, a well-established company in the industry. This change will significantly enhance their ability to monitor and manage corporate relationships.
Benefits of the New System
The integration of Compliance Station UBO facilitates a streamlined approach to continuous customer management for Sawayaka Shinkin Bank. Previously, the collection of vital company information like corporate status, names, addresses, UBOs, and shareholder data was costly and labor-intensive. However, with the Compliance Station UBO, obtaining comprehensive and current data is now achievable with minimal effort, enabling more efficient compliance management.
As the banking sector braces itself for the Financial Action Task Force (FATF) 5th Mutual Evaluation in 2028, there is an urgent requirement for robust Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) strategies. CDL is committed to supporting Sawayaka Shinkin Bank enhance its ongoing customer management practices through continual product development and support.
The Broader Context
Global measures against sophisticated financial crimes, including money laundering, are intensifying. The Ministry of Finance's action plan on combating money laundering and terrorist financing to be released in 2024 highlights the need to enhance the effectiveness of domestic preventive measures. Changes in the risk environment also necessitate further action, especially given the increasing prevalence of fraudulent transactions exploiting corporate accounts, as evidenced by the recent "リバトン事案" case involving the misuse of around 4,000 corporate accounts leading to significant financial losses.
To address these challenges, the Financial Services Agency issued a request to strengthen measures against the fraudulent use of bank accounts, including enhanced identification procedures during account openings, greater monitoring of high-risk transactions, and early detection of suspicious transactions. Financial institutions, especially regional banks and credit unions, must now adopt effective data management techniques within their limited resources to ensure robust compliance practices.
Overview of Compliance Station UBO
The Compliance Station UBO allows users to efficiently search for companies online, providing a wealth of information derived from TSR's extensive database. Employing CDL's proprietary algorithms, users can quickly identify UBOs, including critical details such as company names, addresses, representatives, industry types, and corporate numbers. The system enables both individual queries and bulk processing of data, capable of handling 300,000 corporations in approximately three minutes if a corporate number is supplied.
Features of Compliance Station UBO Series
- - UBO Standard Plan: Basic company information and UBOs.
- - UBO+: Includes intermediate shareholder information and capital structure charts.
- - UBO Exec: Additional executive information.
- - UBO C&S: Includes supplier and customer information.
- - UBO Monitoring: Notifies users of changes in company names, addresses, and UBOs.
Explanation of Terms
Ultimate Beneficial Owner (UBO): A natural person who directly or indirectly holds more than 25% of the voting rights in a corporation.
Company Overview
Compliance Data Lab, Inc. (CDL)
CEO: Hiroshi Yamazaki (Certified Anti-Money Laundering Specialist, Certified Global Sanctions Specialist)
Location: Marunouchi 3-2-2, Marunouchi Nijubashi Building, Chiyoda, Tokyo
Business: Compliance management data services, consulting, and systems development outsourcing
Founded: April 1, 2021
Contact: 03-6837-9665
Website: https://www.c-datalab.com/
Mission and Vision of CDL
CDL aspires to make advanced compliance management accessible and aims to become the leading solution vendor for compliance management using data resources and technology.
Topics Financial Services & Investing）
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