BC Card Receives Presidential Award for Anti-Money Laundering... KB Life Insurance and Kiwoom Securities Win Prime Minister's Award

Eun Seong-su, Financial Services Commission Chairman, "Will Prepare Measures to Strengthen Anti-Money Laundering Capabilities"

[Asia Economy Reporter Kangwook Cho] On the 14th, the Financial Services Commission held an award ceremony at the Government Seoul Office to honor contributors to anti-money laundering efforts and awarded the Presidential Citation to BC Card.

BC Card, which received the Presidential Citation, was highly praised for its multifaceted efforts, including the advancement of suspicious transaction monitoring and operational systems, the introduction of a money laundering risk assessment management system, and the development of an integrated customer identification information management platform, expanding investments related to anti-money laundering.

The Prime Minister's Citation was awarded to KB Life Insurance and Kiwoom Securities. KB Life Insurance was recognized for significant improvements in suspicious transaction reports (STR) and large cash transaction reports (CTR) through company-wide efforts such as education to enhance the expertise of reporting officers and system improvements. Kiwoom Securities was acknowledged for maintaining a consistently high ranking in comprehensive evaluations of anti-money laundering system implementation by building an advanced anti-money laundering system that enables efficient and multifaceted suspicious transaction monitoring and risk-based anti-money laundering activities.

KakaoBank, IBK Savings Bank, Soheul Agricultural Cooperative, and Yangyang Sokcho Forestry Cooperative were awarded the Financial Services Commissioner's Citation for their efforts in effectively managing money laundering risks and strengthening the capabilities of their executives and employees. Additionally, 26 individuals, including employees of inspection agencies such as the Financial Supervisory Service and the National Agricultural Cooperative Federation, law enforcement agency staff from the National Tax Service, Customs Service, Prosecutor's Office, and Police Agency, as well as anti-money laundering officers of financial companies, also received the Financial Services Commissioner's Citation.

Considering the large-scale spread of the novel coronavirus infection (COVID-19), the event was replaced with a ceremony where Eun Sung-soo, Chairman of the Financial Services Commission, presented citations to some award recipients, including representatives of institutions receiving the Presidential and Prime Minister's Citations.

In his congratulatory remarks, Chairman Eun stated, "Our country’s achievement of favorable results equivalent to those of the United States and Australia in the 2020 mutual evaluation by the Financial Action Task Force (FATF) is an external recognition that we are producing positive outcomes based on solid anti-money laundering laws and systems."

He added, "As money laundering methods have recently become more intelligent and sophisticated, especially due to digital financial innovation, the risks of money laundering have also greatly increased. We will prepare measures to strengthen anti-money laundering capabilities and actively respond to new risk factors."

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