Geoswift, a cross-border payment solutions provider between China and the rest of the world, has adopted Thomson Reuters' risk and compliance solutions Transaction Monitoring with Screening Deployed and World-Check.
The selection demonstrates the organisation's ongoing commitment to ensure its business operations meet stringent regulatory frameworks.
In recent years, the number of online payment transactions has increased significantly. According to China's Ministry of Commerce estimates, e-commerce transaction volumes will reach RMB43.8 trillion with an annual growth rate of about 15% by 2020*.
Raymond Qu, Founder and CEO of Geoswift said, "The selection of Thomson Reuters anti-money laundering (AML) solutions provides us the world class capability to fully keep up with global banking standards required by our partners and customers. Most importantly, this investment will give our partners and customers assurance we put compliance and risk management a high priority factor in our service."
Geoswift has also implemented compliance training programmes for
employees across all offices globally. Geoswift aims to enhance
compliance and regulatory standards as it positions for further growth
-- efficiently and ethically.
Sanjeev Chatrath, MD, Financial & Risk, Asia Pacific at Thomson Reuters said, "As regulatory demands continue to weigh on financial institutions and corporations, organisations now more than ever need the tools, technology and operations that support customer due diligence - leveraging smart platforms and quality data."
The Thomson Reuters Financial & Risk business offers a suite of
detection, investigation and resolution tools for transaction monitoring
and takes a scenario-driven, risk-based approach to the challenges
presented by money laundering, fraud and market abuse.
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