Wolters Kluwer Financial Services has signed Nippon Wealth Limited, a Restricted License Bank (NWB) as a user of OneSumX. The restricted license bank, based in Hong Kong and focused on Asia and Japan, will specifically use the solution for anti-money laundering (AML) and regulatory reporting, as it establishes its operations.
OneSumX is a suite of solutions that connects governance, finance, risk, and compliance, allowing for the multidisciplinary management of complex risks and issues. The OneSumX AML solution, developed to provide firms with comprehensive real-time monitoring of risks, presents real threats as they arise and provides firms with the ability to address those risks in the most efficient manner. The OneSumX Regulatory Reporting solution, meanwhile, uses a single source of data to help ensure consistency, reconciliation and accuracy.
“We established NWB in August 2013 with a mission to provide clients with comprehensive wealth management services. Notably, we recently acquired approval from the Hong Kong Monetary Authority to establish a restricted license bank. As we establish operations and as part of our commitment to excellence, we have to ensure the highest standards in the fields of AML and regulatory reporting. Accordingly, we chose a technology provider which is vastly experienced in providing expertise in these areas – Wolters Kluwer Financial Services,” said Mr. Ryutaro Uehara, Chief Technology Officer at NWB.
Following the approval of NWB’s restricted banking license application in April 2015, the firm plans to acquire Type 1 and Type 4 licenses from the Securities and Futures Commission. Having commenced business in May 2015, NWB used the Wolters Kluwer Financial Services OneSumX solution for regulatory reporting and AML oversight.
“Our Asia Pacific business is witnessing impressive growth, thanks to our expertise and breadth of reach in the region. We are, of course, delighted to be working with NWB at this important point in its history,” commented Mr. Chris Puype, managing director for Asia Pacific at Wolters Kluwer Financial Services.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent brands include: AppOne®, AuthenticWeb™, Bankers Systems®, Capital Changes, CASH Suite™, GainsKeeper®, NILS®, OneSumX®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz®. Wolters Kluwer Financial Services is part of Wolters Kluwer, which had 2013 annual revenues of €3.6 billion ($4.7 billion), employs 19,000 employees worldwide, and maintains operations in over 170 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
About Nippon Wealth Limited, a Restricted Licence Bank (NWB)
Nippon Wealth Limited is a Hong Kong based restricted licence bank dedicated to providing superior wealth management services for individual investors. Nippon Wealth Limited is a wholly-owned subsidiary of OJBC Co. Ltd. and an associate of Shinsei Bank. In terms of Tier-1 capital, Shinsei Bank is ranked 12th in Japan. In order to provide customers with more comprehensive wealth management services, Nippon Wealth Limited plans to acquire Type 1 and Type 4 licenses from the Securities and Futures Commission.