Hwau Law Firm Makes Major Hires of Experts in Finance and AML

Strengthening Capabilities to Build a Comprehensive Compliance Framework in the Financial Sector

On the 23rd, law firm Hwau announced that it has recruited a large number of professionals from the Financial Supervisory Service and global accounting firms to strengthen its expertise in financial regulation and anti-money laundering (AML).

(From the top left to the right) Park Sanghyun, Jung Minkang, Park Hyungjin, (From the bottom left to the right) Park Jisoo, Ha Yeomyung, Jang Ikyung. Hwawoo

The recent intensification of global financial sanctions and the strengthening of anti-money laundering standards have emerged as core risks that are directly linked to the responsibilities of management at financial institutions. By securing six professionals who combine experience in policy-making at financial supervisory authorities with hands-on know-how from global consulting, Hwau plans to reinforce its capabilities in building a comprehensive compliance framework in the financial sector.

Park Sanghyun, former Head of the Anti-Money Laundering Department at the Financial Supervisory Service, has joined Hwau as an Advisor. He is an expert who, over approximately 30 years at the Financial Supervisory Service, handled everything from practical AML work to designing and implementing systems and policies.

Advisor Park laid the groundwork for financial institutions' AML frameworks while working at the Anti-Money Laundering Team of the General Supervision Department in 2013. In 2021, as Head of the Planning Team in the Anti-Money Laundering Department, he established the nation's first review system for registration of virtual asset service providers. In 2023, while serving as Head of the Anti-Money Laundering Department, he built up his expertise in the AML field by overseeing amendments and enactments of AML-related laws and regulations, policy formulation, and inspections of financial institutions. In addition, he held key posts in departments such as the Credit Supervision Department, Securities Supervision Department, General Supervision Department, and Credit Finance Supervision Department, where he oversaw corporate restructuring guidance and credit analysis, as well as inspections and sanctions of financial institutions.

Other experts have also joined, including Senior Specialist Jeong Mingang, who has provided compliance consulting services to domestic and foreign financial institutions in the Financial Services Industry (FSI) Consulting division at Deloitte Anjin LLC.

Senior Specialist Jeong is a hands-on professional who has spent about 15 years at Deloitte in both the United States and Korea, working on anti-money laundering and internal control consulting. He has particular strengths in financial compliance consulting, ranging from traditional AML work to establishing counter-terrorist financing (CFT) and financial sanctions frameworks for domestic and overseas financial institutions, as well as improving and validating internal control systems.

Senior Consultant Park Hyeongjin has worked for about 10 years at Samjong KPMG and Deloitte Anjin LLC, providing consulting on trade-based money laundering for domestic and foreign financial institutions and advising on counter-terrorist financing for financial institutions. Senior Consultant Park is scheduled to join in early March.

Senior Consultant Park Jisoo has advisory experience in the field of financial regulation and possesses IT expertise that enables him to handle the full cycle from system analysis and design to implementation using financial institutions' data. Principal Consultant Ha Yeomyeong, who previously worked at Deloitte in the United States, is proficient in data-based analysis of internal control systems at domestic and overseas financial institutions and advising on the advancement of AML models. Consultant Jang Igyeong has provided advisory services related to compliance with financial regulations, including AML, the automatic exchange of financial account information (FATCA/CRS), and the introduction of responsibility-mapping frameworks.

Hwau's Financial Group is regarded as having completed a full lineup that perfectly covers all stages of financial compliance through this round of recruitment. In particular, the newly launched "AML/Internal Control Solution Center," established in conjunction with these hires, is expected to provide one-stop comprehensive consulting that covers "system introduction, system implementation, and risk management."

Commenting on the launch, Hwau Managing Partner Lee Myungsoo said, "Due to changes in the regulatory environment, the reconstruction and innovation of financial institutions' AML and compliance internal control systems are becoming increasingly important, and preparing for more complex financial crimes and internal control issues is an essential safety device for the sustainable growth of financial institutions." He added, "The AML/Internal Control Solution Center will become a reliable partner for financial institutions by providing practical internal control guidelines that can be applied immediately in the field, enabling them to focus on their core business in an environment free from legal risks."