Kakao Pay Receives Financial Services Commission Chairman's Institutional Commendation at 19th Anti-Money Laundering Day

Second Award Following First Recognition in Electronic Financial Sector in 2021
First in the Industry to Establish an Internal Anti-Money Laundering Control System
Maintaining Top Position in Financial Intelligence Unit's Annual Evaluation

Kakao Pay announced on the 28th that it received the Financial Services Commission Chairman's Institutional Commendation as a distinguished organization in anti-money laundering (AML) at the 19th Anti-Money Laundering Day commemorative event. This marks the second time Kakao Pay has received this commendation, following its first award in 2021 as the first electronic financial service provider to be recognized.

Kakao Pay recognized the importance of AML work from the early stages of its business and, since AML became mandatory in the electronic financial sector in 2019, was the first in the industry to establish an internal AML control system.

In particular, the company has established a management system based on the risk-based approach (RBA), which systematically identifies, assesses, controls, and monitors inherent and operational risks that companies may face. Kakao Pay has implemented a comprehensive internal control system to effectively manage risks across all operations.

As a result, Kakao Pay has maintained the top position in the industry every year in the AML system implementation evaluation organized by the Financial Intelligence Unit, from the very first year of the system's introduction to the present.

To respond to the rapidly changing financial environment and new money laundering threats, Kakao Pay is advancing its systems by introducing monitoring systems that incorporate various new technologies.

Kakao Pay is contributing to the industry's collective growth by sharing its experience in building and operating AML systems. The company is closely communicating with organizations such as the Financial Supervisory Service and the Financial Intelligence Unit, cooperating on institutional improvements. Kakao Pay has presented best practices and delivered lectures at industry meetings and educational programs. The company has also shared guidelines and work materials with small and new firms lacking AML system development capabilities.

This year, Kakao Pay also participated as an industry representative in the International Public-Private Expert Forum organized by the Financial Action Task Force (FATF). The company presented the perspectives and opinions of electronic financial service providers on the amendment of "Recommendation 16," a key international standard related to fund transfers.

A Kakao Pay representative stated, "We are honored to be recognized for our contribution to the smooth adoption and overall improvement of the AML system in the electronic financial sector," adding, "As a nationwide financial platform, we will continue to lead transparent financial transactions and take the initiative in creating a sound anti-money laundering ecosystem."

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