Woori Bank Opens AI-Based Sanctions Regulation Review System

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 22nd that it has become the first commercial bank to independently develop a sanctions regulation review system utilizing artificial intelligence and will introduce it into the export-import shipping document review process.

The system developed by Woori Bank incorporates image recognition technology and artificial intelligence based on machine learning. Through this, the bank has automated processes from export-import document classification to text extraction, data accumulation, and review procedures, allowing personnel to focus on areas requiring additional verification or in-depth review, thereby enhancing the accuracy and efficiency of the review. Additionally, △ automatic extraction and filtering of review items △ self-inspection of risk factors through statistical analysis △ systematic post-management enabled by database (DB) conversion of review information have become possible.

Since last year, when U.S. financial authorities increased surveillance on Asian banks' compliance with anti-money laundering regulations, domestic banks have been advancing their anti-money laundering systems. With this system development, Woori Bank expects to expand the scope of sanctions reviews and reallocate personnel to strengthen reviews, enabling it to perform reviews at the level required by U.S. financial authorities.

A Woori Bank official stated, "We have introduced a global-level sanctions regulation review system utilizing RegTech," and added, "We will expand the scope of artificial intelligence technology utilization to overall foreign exchange operations."