MS&AD introduces "Compliance Station UBO+" to advance financial crime prevention
Compliance Data Lab (CDL) announced that six companies within the MS&AD Insurance Group have adopted Compliance Station UBO+, a service providing immediate online access to Ultimate Beneficial Owner (UBO) and capital chain information. The six companies are MS&AD Insurance Group Holdings, Mitsui Sumitomo Insurance, Aioi Nissay Dowa General Insurance, Mitsui Sumitomo Aioi Life Insurance, Mitsui Direct General Insurance, and Mitsui Sumitomo Primary Life Insurance.
CDL provides services designed to address corporate risk assessment challenges through its Compliance Station series, a comprehensive compliance data management platform.
MS&AD Insurance Group is leveraging Compliance Station UBO+ to enhance its continuous customer due diligence processes, thereby strengthening Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures across the group.
Background
The increasing global emphasis on mitigating financial crime risks, including AML/CFT, necessitates that insurance companies address the potential for indirect involvement in terrorist financing and proliferation financing through activities such as marine insurance underwriting. MS&AD has been evaluating methods to efficiently gather corporate information, including beneficial ownership data, crucial for assessing the money laundering risk of business partners and agents. CDL's Compliance Station UBO+ was selected for its ability to instantly provide the most extensive corporate and UBO information in Japan, as determined by research conducted by Tokyo Shoko Research, a respected and established research firm. The solution also provides "UBO graphs" (capital chain diagrams) encompassing hundreds of thousands of entries, illustrating the shareholder relationships between a company and its UBO. Consequently, six MS&AD Group companies implemented Compliance Station UBO+ beginning in September 2024.
Implementation Benefits and Future Outlook
MS&AD will utilize Compliance Station UBO+ for its ongoing corporate customer due diligence. The traditionally laborious process of collecting beneficial ownership and shareholder data is significantly streamlined through the implementation of Compliance Station UBO+, enabling advanced compliance management with reduced operational burden.
In anticipation of the 5th Financial Action Task Force (FATF) Mutual Evaluation in 2028, and within the context of heightened demands for more effective AML/CFT countermeasures, Compliance Data Lab remains committed to ongoing product development and support to further enhance MS&AD's continuous customer due diligence capabilities.
Compliance Station UBO+ Service Overview
Compliance Station UBO+ employs a proprietary CDL algorithm to process vast datasets from Tokyo Shoko Research, which possesses one of Japan's most extensive corporate data coverage. A simple online search by company name yields immediate results. The standard version provides basic company information and UBO data. The UBO+ version additionally displays a UBO graph (capital chain diagram), visualizing the shareholder structure linking the company to its UBO. Extensive corporate data is also available for download in Excel or CSV format.
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