[Asia Economy Reporter Kim Heung-soon] Grand Korea Leisure (GKL) announced on the 27th that it was selected as the top casino industry institution for three consecutive years for the first time in the industry in the '2020 Comprehensive Evaluation of Anti-Money Laundering System Implementation' conducted by the Korea Financial Intelligence Unit (KoFIU).
The anti-money laundering system refers to a legal and institutional mechanism designed to detect and prevent the laundering of illegal funds conducted domestically and internationally. It is a comprehensive management system that links judicial systems, financial systems, and international cooperation.
Financial institutions, among others, are required to establish anti-money laundering systems by comprehensively considering regulations, procedures, organizations, and systems for suspicious transaction reports (STR), large cash transaction reports (CTR), and customer due diligence in accordance with the Act on Reporting and Using Specified Financial Transaction Information. Annual evaluations are conducted across 17 financial sectors, with the casino industry included in the evaluation since 2014.
Previously, GKL established internal regulations for anti-money laundering in 2009 and built an anti-money laundering system (AML/CFT), providing anti-money laundering training to all employees annually. In 2019, it established an anti-money laundering department and built an integrated risk management system for money laundering.
Yoo Tae-yeol, President of GKL, said, "We are very pleased to be selected as the top institution for three consecutive years for the first time in the industry," adding, "We will continue to strive to be a model of transparent financial transactions as a representative casino public enterprise in Korea."
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