Busan Bank Launches AI-Based Anti-Money Laundering System

[Asia Economy Reporter Minyoung Kim] BNK Busan Bank announced on the 24th that it has completely rebuilt its Anti-Money Laundering (AML) system.

The newly launched AML system, developed over about a year since October last year, has improved processes across all operations. In particular, digital technology was actively introduced to tasks that previously required manual handling by employees, enhancing work efficiency and minimizing the possibility of errors.

Artificial Intelligence (AI) has been implemented for monitoring high-value cash transactions and suspicious activities. The AI first analyzes transaction patterns and information on similar customer groups, providing visualized data to support employees in tracking and analyzing suspicious transactions.

Additionally, Busan Bank plans to introduce Robotic Process Automation (RPA) by the end of this year to verify the proper receipt of high-value cash transaction reports sent to the Financial Intelligence Unit and to automate the collection and organization of financial transaction information for suspicious transaction reporting.

A representative from Busan Bank stated, “We expect that the new system, which effectively improves work processes by reflecting domestic and international regulations, will enable more systematic and efficient management of money laundering risks. We will not be complacent with the new system but will continuously understand money laundering risks and implement preventive efforts to become a bank more trusted by our customers.”

This content was produced with the assistance of AI translation services.