Woori Financial Group Operates 'Compliance Monitoring Field Advisory Group'... Transferring Know-How to Subsidiaries
'Group Anti-Money Laundering Knowledge Execution Community' to Launch This Month
[Asia Economy Reporter Wondara] Woori Financial Group is strengthening its compliance monitoring capabilities.
Woori Financial Group announced on the 15th that it will operate a 'Group Compliance Monitoring Field Advisory Panel.' The advisory panel, composed of members from subsidiaries with on-site capabilities as well as the holding company, will support the holding company's compliance monitoring activities by transferring anti-money laundering know-how.
When the holding company inspects the Woori Financial Savings Bank Group, Woori Bank employees will participate jointly. The inspections will be conducted by grouping subsidiaries with similar customer-facing financial transaction products and services, such as the 'Woori Bank · Woori Financial Savings Bank Group' and the 'Woori Card · Woori Financial Capital Group.'
A Woori Financial Group official said, "While the existing Group Compliance Monitoring Council, which was operating quarterly, only shared anti-money laundering activities, the Field Advisory Panel will continuously inspect group anti-money laundering activities. Subsidiaries that newly learn anti-money laundering know-how will contribute to establishing a virtuous cycle system where they improve themselves."
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Meanwhile, Woori Financial Group plans to launch a 'Group Anti-Money Laundering Knowledge Execution Community' this month, involving compliance officers from group companies. Last year, through the Group Compliance Monitoring Council, Woori Card requested know-how on improving suspicious transaction report (STR) tasks, and the holding company arranged a meeting with the Financial Intelligence Unit to educate and share relevant information with the officers.
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