Wolters Kluwer Financial Services (WKFS), a comprehensive risk management, compliance, finance and audit solutions provider, has made its anti-money laundering (AML) solution available for financial institutions in China.
The move by WKFS comes after regulatory groups found that trillions of dollars in funds were laundered over the past decade in the country.
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Following the findings, the country’s central bank, People’s Bank of China, issued new AML rules in December 2012, wherein financial institutions were asked to rate clients’ risks based on their location, nature of their businesses, and levels of transparency.
The AML solution allows financial institutions to detect and report suspicious activities and also provides risk scoring of customers for AML purposes based on the rules issued by regulatory authorities.
WKFS Asia Pacific managing director Chris Puype said the AML solution enables institutions to focus on identifying and addressing the money laundering risks that pose the greatest threats to their organisations and their customers.
"Just as importantly, it allows them to deliver transparency to regulators and stakeholders on customer activity and enterprise risk," Puype added.
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By GlobalData
