Woori Bank Establishes Global Integrated Anti-Money Laundering System
[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 15th that it has established a global integrated Anti-Money Laundering (AML) system to proactively respond to changes in the global financial environment and new types of money laundering risks.
After completing overseas branch consulting last year through the global consulting firm PwC, Woori Bank selected SAS, a global AML specialized solution provider, and introduced the new AML system to nine overseas branches.
Starting with the opening of branches in Singapore and Sydney, Australia on the 7th, Woori Bank implemented the system on the 14th of the same month at branches in Tokyo, Japan; London, UK; Hong Kong; Dubai; Bahrain; Dhaka, Bangladesh; and the India regional headquarters.
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Woori Bank is the first domestic commercial bank to introduce trade-based Anti-TBML (Anti-Trade-Based Money Laundering) and Risk Assessment (RA) functions at its overseas branches. Additionally, Woori Bank established an overseas AML portal to enable the headquarters to manage and analyze risk factors and status of overseas branches in an integrated manner.
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