IBK, Agrees to $105 Million Fine with US Authorities for Inadequate Anti-Money Laundering Program
[Asia Economy Reporter Kum Boryeong] IBK Industrial Bank of Korea announced on the 21st that it has been fined 105 billion KRW by the U.S. Federal Prosecutors' Office for the Southern District of New York and the New York State Department of Financial Services due to deficiencies in the anti-money laundering program at its New York branch. The fine corresponds to 0.46% of last year's equity capital.
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The bank stated, "On the 20th New York time, we signed settlement agreements with the U.S. Federal Prosecutors' Office for the Southern District of New York, the New York State Prosecutor's Office, and the New York State Department of Financial Services, concluding all investigations conducted by these U.S. government agencies regarding our bank's performance of Korean won settlement services related to routine transactions between Korea and Iran, as well as the adequacy of the anti-money laundering program at our New York branch."
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