Regulation

Money Data Limited Taps Thomson Reuters Risk Solutions For Hong Kong Compliance

Money Data Limited, a subsidiary of Tencent, announced on Wednesday (Sept. 21) it has selected Thomson Reuters Risk solutions to comply with the Hong Kong Monetary Authority’s (HKMA) Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) licensing requirements in its application to obtain the Stored Value Facilities (SVF) license under the Payment Systems and Stored Value Facilities Ordinance.

In a press release, Money Data Limited, which provides services, including WeChat Pay, said it implemented Thomson Reuters Risk solutions to assist in adhering to HKMA regulatory requirements. Thomson Reuters said the selection underscores the strength of its screening platform and its position in the regulatory technology market.

“With the selection by Tencent of our AML and KYC solutions, Thomson Reuters continues our commitment to assist leading corporations [to] respond to increased threats, as well as comply better to regulatory requirements in the Asia region,” Sanjeev Chatrath, managing director of financial and risk, Asia-Pacific for Thomson Reuters, said in the press release.

Thomson Reuters World-Check Risk Intelligence is a structured database on politically exposed persons (PEPs) and heightened-risk individuals and organizations globally. World-Check data helps customers identify threats and comply with legislation and regulations for preventing money laundering, terrorist financing, corruption, organized crime and third-party risk. Money Data Limited has selected both web (World-Check One) and software (Screening Deployed) services of World-Check for simple integration in aiding its KYC workflow.

“For any regulated firm to thrive in the long term, consistent investment needs to be made in the risk, compliance and control functions. With heightened scrutiny on regulatory requirements around the globe, Thomson Reuters provides comprehensive, tailor-made and timely risk management solutions that help to increase and protect a firm’s transparency and accountability,” Chatrath added.

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The May 2019 AML/KYC Tracker, provides an in-depth examination of current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

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