Savings Banks Strengthen Anti-Money Laundering... Acuon Wins Prime Minister's Award, Welcome Receives Financial Services Commission Chairman's Award

Automation Through Robotic Technology
Enhanced Internal Controls Boost Credibility

Acuon Savings Bank and Welcome Savings Bank have been recognized by the government for advancing their anti-money laundering (AML) systems.

Acuon Savings Bank received the Prime Minister's Commendation at the 19th Anti-Money Laundering Day and the 24th Anniversary Ceremony of the Financial Intelligence Unit (FIU) held on the 28th of last month at the Bankers Hall in Jung-gu, Seoul. Eokwon Lee, Chairman of the Financial Services Commission (center), Heesang Kim, CEO of Acuon Savings Bank (right), and Youngjin Oh, Compliance Officer of Acuon Savings Bank, are taking a commemorative photo. Financial Services Commission

On December 1, Acuon Savings Bank announced that it had been selected as an outstanding institution and received the Prime Minister's Commendation at the 19th Anti-Money Laundering Day and the 24th Anniversary Ceremony of the Financial Intelligence Unit (FIU), held on November 28 at Bankers Hall in Jung-gu, Seoul.

The FIU has designated November 28, its founding date, as "Anti-Money Laundering Day" and has held an annual commemorative event since 2007.

Since 2018, Acuon Savings Bank has established a systematic anti-money laundering system. The bank introduced Robotic Process Automation (RPA) technology to automate core tasks such as customer verification and AML monitoring. It set up systems to prevent omissions in Suspicious Transaction Reports (STR) and Currency Transaction Reports (CTR), reducing work processing time by up to 40%.

Last year, the bank implemented the "AML Advancement Project," introducing new rules to address emerging crimes such as financial fraud and voice phishing. By linking customer risk assessments with review cycles, the bank improved its risk-based management system and enhanced its risk management capabilities.

The bank also focused on developing internal experts. It established an AML team, prioritizing the placement of specialized personnel and those with field experience. A system was set up to continuously monitor core tasks such as customer verification, STR, and CTR. The bank also implemented quarterly on-site inspections and thematic audits at branches, and established a reporting system to the board of directors.

By encouraging employees to obtain AML professional certifications and operating training and mentoring programs, the bank achieved a 78% AML certification rate among its staff as of September. Through the AML Committee, management and the board share key issues, secure budget support, and ensure the execution of mid- to long-term strategies.

Youngjin Oh, Director of Acuon Savings Bank, stated, "This award is the result of strengthening both digital technology and human capabilities since the introduction of RPA in 2018. We will continue to fulfill our social responsibility to prevent financial crimes and contribute to establishing a sound financial order by leveraging the expertise of our entire organization."

On the 28th of last month, at the 19th Anti-Money Laundering Day ceremony held at the Bankers Hall in Jung-gu, Seoul, Yoonjin Kim, Assistant Manager of the Compliance Monitoring Team at Welcome Savings Bank, received a commendation from the Financial Services Commission Chairman and is posing for a commemorative photo. Welcome Savings Bank

Welcome Savings Bank received an individual commendation from the Chairman of the Financial Services Commission.

Yoonjin Kim, Assistant Manager of the Compliance Monitoring Team at Welcome Savings Bank, was recognized for improving the operation of the Know Your Customer (KYC) and Know Your Employee (KYE) systems; revising internal AML regulations and manuals; providing AML training for credit officers; inspecting and updating the customer risk assessment (RA) model; and conducting AML risk assessments before launching new financial products and services.

Since 2021, Welcome Savings Bank has been selected as an outstanding institution in the AML system implementation evaluation for savings banks for five consecutive years. In particular, in 2023, it was named the top institution for AML and received the Presidential Commendation. Last year and this year, it received individual commendations from the Chairman of the Financial Services Commission.

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