Shinhan Bank Expands 'Thomson Reuters' Anti-Money Laundering Training Implementation

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 26th that it will expand the implementation of Thomson Reuters' anti-money laundering (AML) and economic sanctions compliance training program to enhance employees' understanding of anti-money laundering.

Thomson Reuters is a global solution provider offering compliance training programs that reflect the latest laws and regulatory trends of various countries to over 800 financial institutions and corporations worldwide, and it has high brand recognition internationally in the compliance education sector.

In particular, the AML and economic sanctions compliance training program, first introduced and implemented by Shinhan Bank in 2019, is a representative AML training program used in 110 countries.

Until last year, Shinhan Bank conducted training targeting related departments at headquarters including the Anti-Money Laundering Department, prospective expatriates, and overseas branch employees. However, in response to the recently heightened regulatory standards from domestic and international financial supervisory authorities and increased demands for employee training, the bank is expanding the scope to include all headquarters departments and corporate branch employees who are likely to perform related tasks, providing training to about 2,500 employees.

From today, over approximately six weeks, the targeted employees will complete a total of three courses covering the AML system and economic sanctions, as well as training related to the U.S. Office of Foreign Assets Control (OFAC) sanctions, which have recently become a highlighted training necessity.

A Shinhan Bank official stated, "Since employee understanding is the most important factor in AML and economic sanctions compliance, President Jin Ok-dong is personally urging active participation from the targeted employees, showing great interest in the expanded implementation of the training." He added, "We will continue to strengthen support for cultivating AML experts to become a safe bank that customers can trust and rely on."

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