OneSumX provides an ecosystem of complementary and comprehensive solutions and services to manage the intersection of governance, finance, risk and compliance—increasing organizational profitability, efficiency and growth. As part of this, OneSumX AML is a fully integrated enterprise-wide solution that protects a firm against compliance failure, sanctions and fines. It covers all the key areas of AML and terrorist funding risk, automatically generating Cash Transaction Reports and Suspicious Transaction Reports for submission to the regulators.

Notably, the solution offers integration with SWIFT message formats and real-time batch processing integrated with other banking systems. It also offers advanced due diligence processes with customized rule sets and risk scoring.

The benefits of OneSumX AML include end-to-end AML compliance through a single system and improvements in the accuracy of customer acceptance procedures, prioritizing high risk customers. It also delivers transparency to regulators and stakeholders on customer activity and risk.

“The increasing sophistication of money launderers means that government regulators are demanding a more comprehensive response. Financial services firms that follow manual processes face the risk of ineffective control mechanisms and should be looking for a more holistic risk based approach to strengthen their AML approach,” commented Wilson Lai, market manager at Wolters Kluwer Financial Services. “OneSumX AML continues to be adopted by leading institutions globally and we are delighted to now also offer this service for Taiwan.”