Financial Supervisory Service to Form 'Consultative Body' with Financial Firms for Anti-Money Laundering This Year

Support for US State Department-hosted 'Financial Sanctions Symposium'

The Financial Supervisory Service (FSS) plans to promote a consultative body that regularly shares and discusses issues related to anti-money laundering with financial companies.

Kim Byung-chil, Deputy Governor of the FSS, announced this on the 5th while attending the "U.S. Financial Sanctions Symposium" hosted by the U.S. Department of State.

In his opening remarks, Deputy Governor Kim said, "By actively discussing and responding to recent issues related to anti-money laundering, we can efficiently manage new types of money laundering risks," adding, "This year, we plan to establish a consultative body that regularly shares and discusses issues between the FSS and financial companies."

This symposium is a global project by the U.S. Department of State aimed at encouraging cooperation among allied countries regarding U.S. financial sanctions and enhancing their effectiveness. The U.S. Department of State has held symposiums in the European Union (EU), Asia, and Africa. Domestically, the FSS supported the hosting. The FSS attended along with 20 domestic banks under the auspices of the U.S. Department of State.

Furthermore, Deputy Governor Kim urged domestic financial companies to enhance their internal control systems in line with international anti-money laundering standards. He stated, "Domestic financial companies should continuously improve their internal control systems to meet international anti-money laundering standards and make greater efforts to strengthen their anti-money laundering capabilities."

At the symposium, an expert from Moody's Analytics gave a lecture on the U.S. financial sanctions system and presented money laundering risk management measures for domestic financial institutions. After the symposium, the U.S. Department of State also conducted one-on-one meetings with individual domestic banks to gather opinions on practical cases.

An FSS official said, "Recently, international organizations and overseas financial supervisory authorities have been strengthening their money laundering risk management and supervisory systems," adding, "We will continue to strive to enhance the anti-money laundering capabilities of domestic financial companies and strengthen external cooperation."