Park Kwang FIU Director Urges AML Custodian Institutions to Advance Inspection and Sanction Efforts

FIU Holds Anti-Money Laundering Inspection Agency Council Meeting

On the 20th, the Financial Intelligence Unit (FIU) announced that it held the 'Anti-Money Laundering (AML) Inspection Delegated Institutions Council' chaired by Director Park Kwang.

The FIU delegates AML inspection authority to 11 institutions, including the Financial Supervisory Service, the National Federation of Mutual Savings Banks, and the Ministry of the Interior and Safety. To ensure consistency in inspection tasks and to promptly share key risk factors and focus areas related to money laundering, the FIU has been operating this council.

The meeting was held with AML inspection officers from the delegated institutions attending, sharing future directions for AML supervision, inspection, and sanctions, and presenting exemplary inspection cases.

Director Park Kwang stated, "Our country recently received the highest rating in the FATF (an international organization established to prevent money laundering and terrorist financing) evaluation," and requested, "Please continue to strengthen efforts to advance the inspection and sanction processes of the delegated inspection institutions."

He added, "In future supervision and inspection processes, please focus not only on simple regulatory violations but also on whether the AML systems of financial companies effectively block crime-related transactions," and said, "The FIU will also enhance necessary support such as joint inspections and consulting to improve the capabilities of the delegated inspection institutions."

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