Hanpass Accelerates Enterprise System Advancement with Next-Generation AML System 구축

Hanpass, a company specializing in overseas small remittances and simple payments, announced on the 26th that it has completed the establishment and advancement project of its Anti-Money Laundering (AML) system.

This project was carried out based on a risk-based approach (RBA) precise diagnosis considering customer types and service characteristics. First, the company improved the enterprise-wide risk assessment system, including △Know Your Customer (KYC) △Customer Risk Assessment Model △Suspicious Transaction Report (STR) system. Additionally, it upgraded the AML monitoring system by segmenting the analysis and internal and external reporting processes for suspicious money laundering transactions and high-risk customers.

Hanpass advanced its internal control system to comply with the Financial Action Task Force (FATF) recommendations from financial authorities. Along with this system advancement, Hanpass has secured a large number of AML specialists since last year, establishing an industry-leading AML operation system.

Prior to proceeding with this AML advancement project, Hanpass signed a business agreement with Able Consulting, a company specializing in AML consulting solutions, to advance the AML system.

Kim Kyunghoon, CEO of Hanpass, stated, “We will elevate our AML system and capabilities, including customer verification, to the highest level in the financial sector to fundamentally prevent financial fraud damage and provide a sound financial transaction environment. We will continue to strengthen our position as a global leading small overseas remittance company through continuous system advancement.”

Meanwhile, Hanpass is one of the largest overseas small remittance and simple payment companies in Korea. Established in 2017, Hanpass provides various services such as overseas and domestic remittances, administrative services for foreigners, and loans targeting foreign residents and overseas Koreans in Korea. The company is expanding its business with the goal of building a comprehensive financial platform for foreigners.