Refinitiv Supports Compliance with Anti-Money Laundering and Regulations in Indonesia’s Fast-Growing Digital Economy
JAKARTA, INDONESIA – Media OutReach – 8 July, 2019 – OVO, Indonesia’s leading digital payments platform, has selected Refinitiv’s World-Check to support its Know-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures to minimize its exposure to financial crime risks. This partnership comes at a time when OVO looks to continue the expansion of its business and to drive financial inclusion across the country.
With Indonesia’s push to build an inclusive digital economy and financial ecosystem, financial technology services such as OVO play an integral role in defining industry standards and enhancing measures to fight against financial crime.
According to Refinitiv’s annual financial crime report 2019, three-quarters of Asia Pacific organizations have been affected by financial crime over the past 12 months, leading to 60% of these businesses adopting new technologies to combat the issue.
World-Check is a highly structured database of intelligence on heightened risk individuals and organizations. Widely adopted by financial services companies, it supports the KYC and Third-Party Risk due diligence process and helps uncover risks associated with sanctions, organized crime, fraud, money laundering, bribery and corruption, as well as modern day slavery and country risk.
Phil Cotter, Managing Director of the Risk business at Refinitiv , said, “We are delighted to support Ovo in its journey to becoming Indonesia’s primary payment method with our trusted intelligence. As we continue to fight the uphill battle against financial crime, our World-Check offering meets the crucial KYC and third-party screening needs for OVO to serve Indonesian consumers, as well as the regulatory obligations as it grows its business.”
Harianto Gunawan , Director at OVO , said, “OVO’s adoption of World-Check highlights our continued commitment to building a robust security infrastructure to support Indonesia’s vision for a future-proof and digital economy. It also ensures that we remain vigilant in countering financial crime, which is critical to the success and future of our business. As Indonesia’s digital economy continues on its path to growth, OVO will continuously evolve and adapt to anticipate our customer’s needs, while maintaining industry leading security standards.”
For complete information on World-Check, please visit here.
World-Check is a risk intelligence database which helps organisations across the world meet their regulatory obligations, make informed decisions and help prevent them from inadvertently being used to launder the proceeds of financial crime or association with corrupt business practices. The database is managed by a team of over 400 highly trained analysts, speaking more than 65 languages, who monitor more than 600 sanctions, regulatory and law enforcement lists and thousands of media sources, as well as company information and regulatory filings, to ensure World-Check’s data is accurate and up-to-date. The information in World-Check is made available on a subscription basis only to those who require it to carry out due diligence or other screening activities in accordance with their legal or regulatory obligations or risk management procedures designed to combat financial crime. For complete information on World-Check, please visit here.
OVO is the leading digital payment, rewards and financial services platform in Indonesia. Now, OVO is present in 115 million devices and can be used to access payments, transfers, top up, withdrawals, and lending, as well as asset and investment management. OVO is accepted in more than 300 cities in Indonesia and we are committed to building the largest financial payment and technology company in Indonesia.
Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community – driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime. For more information, visit: www.refinitiv.com