Hana Bank Advances Next-Generation AML System Enhancement Project for Overseas Branches

System Advancement for Proactive Response to Strengthened Overseas Anti-Money Laundering Regulations

[Asia Economy Reporter Kangwook Cho] Hana Bank announced on the 5th that it will advance its next-generation 'Overseas Branch Anti-Money Laundering Transaction Monitoring System (AML)' to proactively prepare for the strengthening of international anti-money laundering regulations.

Hana Bank, which has expanded into 24 countries?the most among domestic banks?has continuously invested in anti-money laundering and compliance operations at its overseas branches. In 2008, it became the first bank in the sector to introduce a global bank-level overseas AML system, and through two system advancement projects in 2012 and 2017, it has established and operated a top-tier monitoring system in the banking industry.

In this next-generation overseas AML system advancement project, Hana Bank plans to significantly enhance monitoring functions based on RegTech (a combination of regulation and technology), including ▲introduction of next-generation case analysis ▲scenario expansion using money laundering typologies ▲support for advanced automated report generation. To this end, Hana Bank began full-scale development this month, aiming for completion within the year, and plans to further solidify its leading position in the overseas anti-money laundering field through successful system implementation.

A representative from Hana Bank’s Anti-Money Laundering Department stated, “Through this next-generation overseas AML system advancement project, we will continuously maintain a global-level anti-money laundering system that complies with local financial authority standards,” adding, “Based on a highly advanced internal control system, we will do our best to become a new role model for South Korea’s financial industry in the field of anti-money laundering.”

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