Lee Hyungjoo Hosts "Anti-Money Laundering Related Agencies Council"
Going forward, the Financial Intelligence Unit (FIU) will collaborate with the entire financial sector-including banks, savings banks, securities firms, and insurance companies-to analyze patterns of suspicious transactions related to transnational crime. When financial institutions report suspicious transactions, the FIU will analyze these cases, and law enforcement agencies will utilize the findings to detect criminal organizations.
On November 24, the FIU announced that it held an 'Anti-Money Laundering (AML) Related Agencies Council' on transnational crime, together with the Financial Supervisory Service and 16 related organizations. The meeting was convened to establish a thorough response system against money laundering activities associated with transnational crimes that target Korean nationals from overseas bases.
On this day, the current status of transnational crime responses was reviewed, focusing on the banking sector. First, the FIU will analyze patterns of suspicious transactions related to transnational crime together with financial institutions, and the financial institutions will conduct a comprehensive reporting of all suspicious transactions that fit these patterns.
Last week, the FIU and the banking sector had already analyzed some types of suspicious transactions and discussed the criteria for extracting such cases. Based on these criteria, the banking sector is currently conducting comprehensive reporting of suspicious transactions. In the future, this comprehensive reporting will be extended to other sectors as well.
The reported suspicious transactions will undergo strategic analysis at the FIU and will be used by the prosecution, police, and other agencies to detect criminal organizations. Comprehensive reporting of suspicious transactions by type will continue to be promoted in the future.
Additionally, the FIU will strengthen internal controls for anti-money laundering at financial institutions. The Financial Supervisory Service first examined the status of AML management and supervision at overseas branches and subsidiaries of banks, and found that some banks were relying solely on document-based inspections for their Southeast Asian branches and subsidiaries, revealing certain weaknesses in internal controls.
In response, the FIU will strengthen customer due diligence for customers suspected of involvement in transnational crime and will prioritize on-site inspections for branches and subsidiaries located in Southeast Asia, thereby enhancing AML internal controls. Furthermore, in future anti-money laundering inspections, the management status of overseas branches and subsidiaries of financial institutions will be thoroughly examined.
Director Lee Hyungjoo emphasized, "This council marks the first step in responding to transnational crime, and the FIU will continue to strengthen its response to potential transnational crimes in the future, not limited to the Cambodia case."
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