NH Nonghyup Bank Completes Advancement of Anti-Money Laundering System

Enhancing AML Process Efficiency and Customer Convenience through Advanced Workflow
Promoting AI-Based Suspicious Transaction Risk Analysis System Implementation in 2021

[Asia Economy Reporter Park Sun-mi] NH Nonghyup Bank has applied digital technologies such as RPA (Robotic Process Automation), PPR (Paperless Process Reengineering), and announced on the 25th that it has completed the ‘Anti-Money Laundering System Advancement Project.’

This system advancement project has been underway since April to build an advanced system for preemptively blocking risky transactions such as money laundering and terrorist financing. It improved customer convenience and work efficiency by enhancing the AML work processes and systems at branches.

The main contents include innovation of the customer identification obligation process and advancement of work procedures, implementation of an effective transaction monitoring system to improve work efficiency, and automation of manual processes using new technologies such as RPA and scraping.

Additionally, through the UI redesign of the anti-money laundering system, the project promoted visualization of monitoring screens, enhanced security, and improved the global sanctions filtering solution, thereby enhancing the system’s performance capabilities.

Hong Myung-jong, Compliance Officer, stated, “We are continuously innovating the AML operation system to proactively respond to the internal and external anti-money laundering environment, including digital transformation,” and added, “In 2021, we will also promote the application of an AI-based suspicious transaction risk analysis system to enhance the expertise in AML operation and management.”