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 paymentsplatform, has selected Refinitiv's World-Check to support itsKnow-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures to minimizeits exposure to financial crime risks. This partnership comes at a time whenOVO looks to continue the expansion of its business and to drive financialinclusion across the country.

With Indonesia's push to build aninclusive digital economy and financial ecosystem, financial technologyservices such as OVO play an integral role in defining industry standards andenhancing measures to fight against financial crime. 

According toRefinitiv's annual financial crime report 2019, three-quarters of Asia Pacificorganizations have been affected by financial crime over the past 12 months,leading to 60% of these businesses adopting new technologies to combat theissue.

World-Checkis a highly structured database of intelligence on heightened risk individualsand organizations. Widely adopted by financial services companies, it supportsthe KYC and Third-Party Risk due diligence process and helps uncover risksassociated with sanctions, organized crime, fraud, money laundering, briberyand corruption, as well as modern day slavery and country risk.

Phil Cotter, Managing Director of the Risk business atRefinitiv ,said, "We are delighted to support Ovo in its journey to becoming Indonesia'sprimary payment method with our trusted intelligence. As we continue to fightthe uphill battle against financial crime, our World-Check offering meets thecrucial KYC and third-party screening needs for OVO to serve Indonesianconsumers, 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 buildinga robust security infrastructure to support Indonesia's vision for afuture-proof and digital economy. It also ensures that we remain vigilant incountering financial crime, which is critical to the success and future of ourbusiness. As Indonesia's digital economy continues on its path to growth, OVOwill continuously evolve and adapt to anticipate our customer's needs, whilemaintaining industry leading security standards."

For complete information on World-Check, pleasevisit here.

About World-Check

World-Check is arisk intelligence database which helps organisations across the world meettheir regulatory obligations, make informed decisions and help prevent themfrom inadvertently being used to launder the proceeds of financial crime orassociation with corrupt business practices. The database is managed by a teamof over 400 highly trained analysts, speaking more than 65 languages, whomonitor more than 600 sanctions, regulatory and law enforcement lists andthousands of media sources, as well as company information and regulatoryfilings, to ensure World-Check's data is accurate and up-to-date. Theinformation in World-Check is made available on a subscription basis only tothose who require it to carry out due diligence or other screening activitiesin accordance with their legal or regulatory obligations or risk managementprocedures designed to combat financial crime. For complete information onWorld-Check, please visit here.

About OVO

OVO is the leading digital payment, rewards and financial services platform inIndonesia. Now, OVO is present in 115 million devices and can be used to accesspayments, transfers, top up, withdrawals, and lending, as well as asset andinvestment management. OVO is accepted in more than 300 cities in Indonesia andwe are committed to building the largest financial payment and technologycompany in Indonesia.

About Refinitiv

Refinitiv is one of the world's largest providers of financial markets data andinfrastructure, serving over 40,000 institutions in over 190 countries. Itprovides leading data and insights, trading platforms, and open data andtechnology platforms that connect a thriving global financial markets community- driving performance in trading, investment, wealth management, regulatorycompliance, market data management, enterprise risk and fighting financialcrime. For more information, visit: www.refinitiv.com