China Merchants Bank (CMB) has selected Wolters Kluwer’s OneSumX for Regulatory Reporting solution to meet regulatory reporting requirements in Luxembourg.

The selected platform uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service.

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Wolters Kluwer said that its platform will enable the bank to actively monitor regulation in about 50 countries.

Luxembourg is CMB’s European hub. It manages a network of more than 1800 branches in mainland China, with global consolidated assets exceeding $897bn.

Headquartered in the Netherlands, Wolters Kluwer serves customers in more than 180 nations, maintains operations in over 40 countries and employs 19,000 staff across the globe.

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