#Japan #Compliance Station #Aomori #Aomori Bank #UBO Service

Aomori Michinoku Bank Adopts Compliance Station® UBO

Aomori Michinoku Bank has recently introduced the Compliance Station® UBO, developed by Compliance Data Lab Inc. (CDL), to enhance the efficiency of Ultimate Beneficial Owner (UBO) information collection. This service utilizes a high-quality corporate database from Tokyo Shoko Research (TSR), allowing for instantaneous access to critical corporate governance information right from an online platform.

Background of Implementation

The pressing need for efficient UBO information collection led Aomori Michinoku Bank to evaluate various solutions for corporate customer risk assessment. Previously, the bank relied on mailed questionnaires, which proved burdensome for corporate clients, resulting in low response rates and inefficient data collection. The introduction of Compliance Station® UBO allows the bank to swiftly access a vast database maintained by TSR, enabling them to gather UBO information on a large scale efficiently.

The innovative service not only improves customer information collection but also significantly enhances the accuracy of risk management. Its ability to provide up-to-date data from a trusted source has led the bank to recognize the benefits associated with utilizing this system.

Realizations and Future Prospects

By implementing Compliance Station® UBO into its corporate customer management operations, Aomori Michinoku Bank aims to streamline its processes. Typically, confirming corporate identities and gathering essential information like business names, addresses, representatives, UBO, and shareholder details involves heavy resource expenditure from both the bank and the clients. However, utilizing the new system reduces these burdens substantially, resulting in comprehensive and timely data collection, all while adhering to rigorous compliance standards.

As the FATF conducts its fifth Mutual Evaluation of Japan in 2028, Aomori Michinoku Bank recognizes the need to enhance its Anti-Money Laundering (AML) measures. CDL is committed to supporting the bank in achieving elevated levels of compliance management through product development and ongoing support services.

Surrounding Environment

The threat posed by financial crimes, such as sophisticated money laundering schemes, continues to be a global concern. According to a publication by Japan's Financial Services Agency (FSA) in June 2025, enhancing the effectiveness of domestic measures against money laundering and adapting to evolving risk environments is crucial. The increase in fraudulent transactions using corporate accounts, as evidenced by recent incidents involving the misuse of approximately 4,000 corporate accounts, underscores the urgency for institutions to fortify their compliance structures.

With FSA's request to intensify measures to prevent misuse of corporate accounts, which includes reinforcing customer verification during account openings and increasing monitoring of high-risk transactions, regional banks, including Aomori Michinoku Bank, face mounting pressure to implement effective compliance management strategies with limited resources.

Overview of Compliance Station® UBO Services

The Compliance Station® UBO service provides an easily navigable online interface for searching corporate names, pulling from TSR's extensive coverage. Utilizing CDL’s proprietary algorithms, the service accurately identifies UBOs, while aggregating essential information such as business names, addresses, representatives, and corporate numbers efficiently. This system allows processing data on up to 300,000 entities within just three minutes, which is a remarkable improvement over traditional data collection methods.

Service Plans Available

• - UBO: Standard plan providing basic corporate information and UBO data.
• - UBO+: Enhanced plan including intermediate shareholder information and capital structure diagrams.
• - UBO Exec: Offers additional executive information alongside the standard plan.
• - UBO C&S: Includes supplier and client information within its scope.
• - UBO Monitoring: Proactively notifies changes in corporate names, addresses, and UBO details in real-time.

Conclusion

As Aomori Michinoku Bank integrates the Compliance Station® UBO into its operations, it symbolizes a step towards more efficient and robust compliance management. CDL’s mission is to make advanced compliance management accessible and effective for all customers, ensuring a future where data-driven solutions are at the forefront of regulatory compliance.