IBK, Establishes Global Anti-Money Laundering System

Automation of Customer Verification and Suspicious Transaction Monitoring... Strengthening Anti-Money Laundering Measures

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank announced on the 19th that it will introduce the 'IBK Global Anti-Money Laundering System' from the 20th, which allows real-time verification and management of anti-money laundering operations at all overseas branches.

At overseas branches, customer risk assessment, suspicious transaction extraction, and monitoring are conducted automatically, and the domestic headquarters can check the status of anti-money laundering operations in real time.

The bank stated that it has unified anti-money laundering operations by implementing the system at all overseas branches including New York, London, Tokyo, and Hong Kong, and strengthened the level of implementation, management, and supervision in accordance with global standards.

IBK plans to introduce the system at newly opened overseas branches as well, tailored to local financial supervisory frameworks and anti-money laundering regulations.

An IBK official said, "This system is a proactive response to the globally strengthening anti-money laundering regulations," adding, "We will continuously strengthen internal controls to reduce money laundering risks both domestically and internationally."

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