Shinhyup Central Association Enhances Anti-Money Laundering Capabilities... Applies New System

[Asia Economy Reporter Song Seung-seop] The National Credit Union Federation of Korea announced on the 22nd that it has applied a new anti-money laundering system.

This improvement of the anti-money laundering system was carried out in collaboration with Able Consulting to strengthen operations. Enhancements include strengthening internal controls, improving convenience for large cash transaction reports (CTR), a complete overhaul of suspicious transaction reports (STR), and increased convenience in risk assessment. The credit union will promote strong monitoring of overall money laundering risks.

In addition, in accordance with the recommendations of the Financial Action Task Force (FATF), the risk-based approach (RBA) system will be strengthened. Consulting on all anti-money laundering operations will be conducted to ensure operational stability.

Jo Young-dong, Head of the Compliance Support Division at the National Credit Union Federation of Korea, stated, “As money laundering methods have become more sophisticated and risks have increased, we felt the need to establish specific countermeasures and take proactive steps, leading to a complete overhaul of the anti-money laundering system.”

Meanwhile, the credit union recently upgraded the Financial Consumer Protection Office to the Financial Consumer Division and changed it to be under the direct supervision of the CEO in its organizational restructuring.

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