China Merchants Bank (CMB) has selected Wolters Kluwer’s OneSumX for Regulatory Reporting solution to meet regulatory reporting requirements in Luxembourg.

The selected platform uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service.

Wolters Kluwer said that its platform will enable the bank to actively monitor regulation in about 50 countries.

Luxembourg is CMB’s European hub. It manages a network of more than 1800 branches in mainland China, with global consolidated assets exceeding $897bn.

Headquartered in the Netherlands, Wolters Kluwer serves customers in more than 180 nations, maintains operations in over 40 countries and employs 19,000 staff across the globe.

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By GlobalData