Bank of Jinzhou Case Study

LexisNexis Risk Solutions helps a leading City Commercial Bank in China streamline its transaction screening process while eliminating obvious false positives.

Bank of Jinzhou Case Study

            

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Streamlining Transaction Screening While Eliminating False Positives

Bank of Jinahou case study
Bank of Jinzhou, a leading commercial bank in China, operates primarily in the Liaoning province – the economic and industrial center of China’s northernmost seaport, Jinzhou. It provides customized financial services to local small and medium sized businesses (SMEs). Many of its customers are exporters operating in a strategically important and highly sensitive location of Liaoning province, which shares a geographic border with North Korea. This makes it a focus point for regulators, both in China and beyond. Trade-based money laundering regulations, and sanctioned countries such as North Korea in particular are very high on regulators’ agendas in China (through the Asia Pacific Group on Anti-Money Laundering), and worldwide (through the Financial Action Task Force).

While wishing to support its many SME customers in their commercial activities, Bank of Jinzhou is acutely aware of the reputational and regulatory risks of inadvertently trading with sanctioned entities and individuals. The bank is also keen to expand into dealing with more foreign currencies, such as the U.S. dollar and Japanese Yen, while maintaining a low risk profile and adhering to international compliance standards.

Using LexisNexis® Firco Compliance Link, Firco Global WatchList®, WorldCompliance™ Online Search Tool and Bankers Almanac® Counterparty KYC, Bank of Jinzhou is able to provide a digital audit trial, improve its operational efficiency, and comply to international and local regulations and compliance.

The case study highlights how our proven financial crime compliance solutions easily integrate and adopt into Bank of Jinzhou’s workflow and deliver the following long- term success:

  • Ensure the company is regulatory compliant and is only dealing with legitimate clients.
  • Streamline their transaction screening process, which is essential for operational efficiency while keeping costs down.
  • Improve operational efficiency, which creates minimal additional time or effort from their clients.
  • Deliver a better client experience and increased client and counterparty trust

Download our case study to learn more about how LexisNexis Risk Solutions helps bank of Jinzhou.

Financial Services Corporations
Compliance

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