Chinese internet giant Tencent Holdings’ unit, Money Data Ltd, has tapped Thomson Reuters Risk solutions to comply with the Hong Kong requirements for anti-money laundering and countering the financing of terrorism (AML-CFT) license.

Money Data, the operator of WeChat Pay in Hong Kong, said it obtained the AML-CFT license so it could get Hong Kong's stored value facilities (SVF) license that allows the use of cards or devices to pay for goods and services from third parties. 

As a provider of WeChat Pay service, which enables WeChat users to transfer money, make payments online and with participating retailers, Money Data implemented Thomson Reuters’s Risk solutions to assist in adhering to HKMA regulatory requirements. 

Thomson Reuters World-Check Risk Intelligence is a structured database on politically-exposed persons (PEPs) and heightened risk individuals and organizations globally. World-Check data helps customers identify threats, and comply with legislation and regulations for preventing money laundering, terrorist financing, corruption, organized crime and third party risk. Money Data has selected both web (World-Check One) and software (Screening Deployed) solutions of World-Check for simple integration in aiding their KYC workflow.

“For any regulated firm to thrive in the long term, consistent investment needs to be made in the risk, compliance and control functions. With heightened scrutiny on regulatory requirements around the globe, Thomson Reuters provides comprehensive, tailor-made and timely risk management solutions that help to increase and protect a firm’s transparency and accountability,” Sanjeev Chatrath, managing director, financial & risk, Asia Pacific, Thomson Reuters.