FIU Selects Four Institutions Including Kookmin Bank as Outstanding Suspicious Transaction Reporting Agencies

The Financial Intelligence Unit (FIU) under the Financial Services Commission selected KB Kookmin Bank, KakaoBank, Samsung Securities, and Dunamu as outstanding Suspicious Transaction Report (STR) institutions for the first half of this year.

On the 29th, the FIU announced that it held a 'Meeting with Related Organizations to Enhance the Fidelity of Suspicious Transaction Reporting' while awarding plaques of appreciation to these financial companies.

These financial companies received high evaluations for providing thorough evidence and information in cases such as ▲money laundering using virtual asset brokerage firms ▲fraudulent quasi-deposit schemes using overseas corporations ▲money laundering using nominee accounts at virtual asset exchanges ▲illegal brokerage of unlisted stocks and voice phishing investment fraud.

At the meeting, six financial associations including the Korea Federation of Banks and the Korea Financial Investment Association presented the current support status and improvement plans to strengthen suspicious transaction reporting capabilities by sector. The Korea Federation of Banks plans to share suspicious transaction reporting trends semiannually and strengthen reporting obligations related to virtual assets. The Korea Financial Investment Association stated it will share cases of unfair trading and reinforce anti-money laundering measures.

Lee Yoon-soo, head of the FIU, said, "The Financial Intelligence Unit plans to maintain cooperation channels with related agencies to strengthen response measures against new types of money laundering crimes," and urged, "Please establish a support system so that the suspicious transaction reporting systems of financial companies in each sector can be further advanced."

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