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

Introducing an Enhanced Compliance Solution for Juroku Bank

Juroku Bank has recently announced the implementation of the Compliance Station UBO series, a pioneering tool developed by Compliance Data Lab (CDL) in collaboration with Tokyo Shoko Research (TSR), aimed at tackling the growing concerns of money laundering and terrorist financing. This strategic move comes in the wake of a noticeable surge in money laundering cases exploiting corporate accounts, pressing the need for financial institutions to enhance their continuous customer management protocols.

Background of the Initiative

In recent years, the challenge of mitigating money laundering risks has escalated due to increasingly sophisticated tactics employed by perpetrators. Traditional methods of monitoring customer activities have proven inadequate, leading to a pressing need for enhanced operational practices that can effectively manage these risks while easing the workload on compliance teams. Recognizing this pressing situation, Juroku Bank proactively sought a solution that could both streamline and elevate its customer management processes.

After thorough evaluation, the bank identified the Compliance Station UBO series as an ideal solution due to its comprehensive capabilities in gathering critical information for customer risk assessment, particularly focusing on the Ultimate Beneficial Owner (UBO). The ability to swiftly adapt to changes in ownership and other vital data was instrumental in the decision-making process for Juroku Bank.

Features and Future Prospects of the Compliance Station UBO Series

With the integration of the Compliance Station UBO series, Juroku Bank can leverage the system’s monitoring functionalities to efficiently detect and adapt to changes in client information. Previously, information collection around company profiles, including latest names, addresses, representatives, and UBOs, involved considerable time and financial resources. Now, this automated service is expected to significantly enhance operational efficiency, promoting rigorous compliance management strategies.

The CDL, anticipating the Financial Action Task Force’s fifth mutual evaluation in Japan set for 2028, is committed to developing a newly effective framework for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT). This alignment with Juroku Bank’s objectives aims to further enhance their customer management practices.

Overview of the Compliance Station UBO Series

The Compliance Station UBO series utilizes one of Japan's largest corporate databases, owned by TSR, allowing users to access information about UBOs and other risk assessments simply by searching for a company name through an online interface. The system is designed to handle bulk data processing, capable of processing up to 300,000 pieces of company information in roughly three minutes, assuming they are assigned corporate identification numbers.

Key Offerings of the Compliance Station UBO Series:

• - UBO Standard Plan: Provides essential information on the company and its UBO.
• - UBO+: Adds intermediate shareholder information and capital structure diagrams.
• - UBO Exec: Includes board member information.
• - UBO C&S: Offers details on customers and suppliers.
• - UBO Monitoring: Notifies changes in company name, address, UBO, etc., in a timely manner.

Explanation of Terms

* Ultimate Beneficial Owner (UBO): Refers to individuals who hold direct or indirect control over more than 25% of the voting rights in the corporation.

Company Background

Compliance Data Lab (CDL)

• - CEO: Hiroshi Yamazaki (Certified Anti-Money Laundering Specialist, Certified Global Sanctions Specialist, MS in Engineering from Johns Hopkins University)
• - Location: 1-6-1 Otemachi, Chiyoda City, Tokyo, 4th Floor Otemachi Building
• - Services: Provides data services, consulting, system development, and operational support for compliance management.
• - Established: April 1, 2021
• - Contact: +81-3-6837-9665
• - Website: www.c-datalab.com

CDL’s Mission and Vision

CDL aims to make advanced compliance management accessible, leveraging data and technology to provide optimal services. Our vision is to become the leading vendor of compliance management solutions powered by data.