Financial Supervisory Service Holds Relay 'Anti-Money Laundering Workshop'

Online (Zoom) Participation Also Available

The Financial Supervisory Service (FSS) held a series of relay workshops by industry sector to strengthen the anti-money laundering (AML) capabilities of financial companies.

The FSS announced that from the 24th to the 28th, it will hold a total of seven sessions of the industry-specific relay "Anti-Money Laundering Workshop."

This workshop was organized to support the practical enhancement of AML capabilities of financial companies amid emerging new money laundering risks such as recent livelihood financial crimes and the digitalization of financial transactions.

About 600 AML and audit practitioners are expected to attend, and an online (Zoom) format will be offered concurrently for small financial companies that find it difficult to participate in on-site workshops.

The FSS provided guidance on major issues identified in recent inspections and especially urged the strengthening of money laundering risk management to prevent livelihood financial crimes such as voice phishing, gambling, and drugs.

Financial companies presented key AML operational and improvement cases, including the advancement of suspicious transaction reporting systems using digital technologies such as machine learning and big data.

The FSS stated, "We will continue to communicate with the financial industry sectors and support financial companies in developing AML capabilities based on money laundering risks on their own."