#Japan #Aomori #TSR #Aomori Michinoku Bank #Compliance Station UBO

Aomori Michinoku Bank Modernizes Compliance Processes with TSR's Solution

Aomori Michinoku Bank has recently announced the incorporation of a cutting-edge compliance solution, the Compliance Station® UBO, developed by Tokyo Shoko Research (TSR). By utilizing TSR's high-quality corporate database, the bank aims to improve its corporate client information collection processes. This strategic move is designed to strengthen their ongoing customer management while effectively targeting anti-money laundering (AML) and counter-terrorist financing (CFT) efforts.

Background for Implementation

In a world where financial crimes are increasingly sophisticated, Aomori Michinoku Bank has recognized the necessity of efficiently gathering essential customer data, particularly regarding ultimate beneficial owners (UBO). Previously, the bank relied on postal questionnaires for information collection, which often proved burdensome for corporate clients and resulted in a low response rate. This inefficiency highlighted a critical need for a more effective collection method.

The adoption of TSR's Compliance Station® UBO enables Aomori Michinoku Bank to access and monitor UBO information swiftly, enhancing customer coverage rates significantly. By tapping into the regularly updated and meticulously maintained corporate database from TSR, the bank can now gather accurate and timely information about its corporate clients, thereby facilitating better risk assessment and management.

Realizing Streamlined Client Management

The integration of the Compliance Station® UBO promises to make Aomori Michinoku Bank's client management more efficient and effective. Traditionally, the verification of corporate entities, including collecting the latest company names, addresses, and UBO/shareholder details, required considerable time and resources. However, with this new system, the bank can now gather comprehensive and up-to-date information with less effort, enhancing their compliance management capabilities.

As the bank prepares for the upcoming FATF fifth mutual evaluation in 2028, they acknowledge the imperative for effective AML and CFT measures. The implementation of the Compliance Station® UBO centers on fortifying the bank's long-term customer management and compliance strategies through ongoing product development and support.

Industry Context and Environmental Factors

The landscape surrounding financial crime prevention, particularly against money laundering, continues to evolve globally. The Financial Services Agency (FSA) of Japan recognizes the requirements for enhanced AML measures, particularly in light of the rising background of recent financial crimes, such as the so-called