IBK, Written Agreement with US Regulators on Capital Laundering Prevention Improvements Concluded

Recognition of Achievements in Improving the Anti-Money Laundering and Financial Sanctions Compliance Program at the New York Branch

[Asia Economy Reporter Song Hwajeong] IBK Industrial Bank announced on the 8th that the written agreement signed with the Federal Reserve Bank of New York and the New York State Department of Financial Services (hereinafter referred to as the US supervisory authorities) on February 24, 2016, has been finally concluded.

The written agreement was made when IBK Industrial Bank's New York branch agreed to improve deficiencies in its anti-money laundering and financial sanctions compliance programs with the US supervisory authorities.

Since then, IBK Industrial Bank has implemented improvements on all agreed matters with the US supervisory authorities, and the sanction measures were formally concluded in recognition of the bank's faithful implementation, efforts for improvement, and their results.

In particular, IBK Industrial Bank explained that the fact that the results of establishing sound management and strengthening internal controls, which President Yoon Jongwon has continuously emphasized since his inauguration, have extended overseas is highly meaningful.

An IBK Industrial Bank official stated, "The conclusion of the written agreement is recognition from the US supervisory authorities of our bank's efforts and achievements in improving the compliance program," adding, "We will continue to effectively maintain the strengthened compliance program as a global financial institution."