SBI Savings Bank to Fully Upgrade Anti-Money Laundering System
Innovating Risk Assessment and Transaction Monitoring Systems
Establishing a Dedicated AML Team and Fostering Specialists
On May 29, SBI Savings Bank announced that it is launching a project to enhance its Anti-Money Laundering (AML) system.
With the recent proliferation of non-face-to-face financial channels, virtual assets, and fintech services, new types of money laundering have emerged and the risk of control lapses has increased. There is a growing need for a more sophisticated AML system and a continuous internal control framework.
In February, SBI Savings Bank established a dedicated AML team. The company is currently conducting company-wide AML training and is encouraging all employees to obtain AML and Countering the Financing of Terrorism (CFT) specialist certifications.
The AML enhancement project will be carried out over six months, starting this month, and is scheduled for completion by the end of November.
Through this project, SBI Savings Bank expects to review the latest regulatory requirements and ensure full compliance of its AML management system with applicable laws and regulations.
The bank also anticipates that it will be able to verify data integrity and establish a stable, risk-based AML management capability. The effectiveness of its abnormal transaction detection and reporting system is also expected to improve.
Hot Picks Today
Up to 600 Million Won for Semiconductors, 160 Million Won Bonus for Loss-Making Non-Memory… Samsung Electronics Labor and Management Reach Tentative Deal on Unprecedented Performance Compensation (Comprehensive)
- "Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- [Exclusive] 450 Billion Won Korean Investment at Risk as Canadian PE Moves to Acquire US Ascend for $99.2 Million
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
Heo Baek, Chief Compliance Officer of SBI Savings Bank, stated, "We will proactively respond to changes in the environment, such as the recommendations of the Financial Action Task Force (FATF) and AML operation regulations, by establishing a competitive internal control system. We will do our utmost to strengthen our stable anti-money laundering capabilities and enhance our credibility."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
