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

Introduction

IYO Bank has taken significant steps to strengthen its anti-money laundering (AML) and counter-terrorism financing (CFT) initiatives by implementing the Compliance Station® UBO series. This cutting-edge solution is provided by Compliance Data Lab (CDL), which utilizes a high-quality corporate database from Tokyo Shoko Research (TSR). This development represents a proactive approach to mitigating the growing risks of money laundering linked to corporate accounts.

Context and Need for Enhanced Compliance

In recent years, there has been a worrying increase in money laundering activities exploiting corporate accounts. This surge has heightened the importance of continuous customer management within financial institutions. Traditional methods struggle to address the evolving complexity of these cases, creating a pressing need for effective solutions that lighten the operational load while maintaining compliance effectiveness. IYO Bank recognized this necessity and began exploring innovative solutions that can simultaneously enhance and streamline ongoing customer management.

The implementation of the Compliance Station® UBO series was chosen for its ability to comprehensively gather essential information needed for customer risk assessment, including identifying ultimate beneficial owners (UBOs). The system's capability to monitor and report updates promptly was also a key factor in its selection, making it an ideal fit for IYO Bank’s compliance needs.

Implementation and Future Prospects

With the integration of the Compliance Station® UBO series, IYO Bank aims to refine its ongoing customer management processes for corporate clients. Previously, gathering necessary details such as company names, addresses, representatives, and UBO data was a cumbersome and costly endeavor. However, utilizing this new service will alleviate customer burden while enabling the efficient collection of comprehensive and up-to-date information. This change is expected to yield a more advanced level of compliance management within the bank.

CDL is committed to supporting IYO Bank in enhancing its customer management capabilities in preparation for the upcoming FATF Fifth Mutual Evaluation in 2028. As the demand for more effective AML/CFT operational frameworks increases, CDL will continue to focus on product development and support system enhancement to meet these challenges head-on.

Overview of the Compliance Station® UBO Series

The Compliance Station® UBO leverages TSR's extensive national corporate database, providing an online platform that allows users to search by company name. This system, powered by CDL’s proprietary algorithms, offers crucial information for risk assessment, including the identification of UBOs. Additionally, it is equipped to handle bulk data processing, enabling the analysis of up to 300,000 corporate records in approximately three minutes when corporate identification numbers are provided.

Versions of the UBO Series

• - UBO: Standard Plan - Offers basic information on the targeted company and its UBO.
• - UBO+: Enhances the Standard Plan by providing intermediary shareholder information and capital structure charts.
• - UBO Exec: Includes executive information in addition to what is offered in the Standard Plan.
• - UBO C&S: Adds supplier and customer information to the Standard Plan features.
• - UBO Monitoring: Notifies users of changes in company name, address, and UBO details as they occur.

Definition of Key Term

• - Ultimate Beneficial Owner (UBO): A natural person who owns or controls more than 25% of the voting rights directly or indirectly within a corporate entity.

About Compliance Data Lab (CDL)

• - CEO: Hiroshi Yamazaki (Certified Anti-Money Laundering Specialist, Certified Global Sanctions Specialist, Master of Engineering from Johns Hopkins University)
• - Location: Otemachi Building 4F, 1-6-1 Otemachi, Chiyoda-ku, Tokyo
• - Business Scope: Provides data services, consulting, system development, and operational support for compliance management.
• - Founded: April 1, 2021
• - Contact Information: 03-6837-9665
• - Website: www.c-datalab.com

CDL's Mission and Vision

CDL is dedicated to making advanced compliance management accessible and aims to become the leading solution vendor in data-driven compliance management.