Wolters Kluwer Financial Services has rolled out its OneSumX Anti-Money Laundering (AML) solution for the Taiwanese market.
OneSumX is a platform that manages the intersection of governance, finance, risk and compliance, increasing organizational profitability, efficiency and growth.
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The fully integrated enterprise-wide AML solution protects a firm against compliance failure, sanctions and fines.
Wolters Kluwer said that the solution also includes all the key areas of AML and terrorist funding risk, automatically generating cash transaction reports and suspicious transaction reports for submission to the regulators.
Additionally, solution provides integration with SWIFT message formats and real-time batch processing integrated with other banking systems. It also delivers advanced due diligence processes with customized rule sets and risk scoring.
OneSumX AML will offer benefits such as end-to-end AML compliance via a single system and improvements in the accuracy of customer acceptance procedures, prioritizing high risk customers as well as providing transparency to regulators and stakeholders on customer activity and risk.
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By GlobalDataWolters Kluwer Financial Services market manager Wilson Lai said: "The increasing sophistication of money launderers means that government regulators are demanding a more comprehensive response. OneSumX AML continues to be adopted by leading institutions globally and we are delighted to now also offer this service for Taiwan."
