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| Charles Bruer, program advisor at Office of Cooperative Threat Reduction at the U.S. Department of State, speaks during a symposium on international sanctions regimes held at Four Seasons Hotel Seoul, Wednesday. Courtesy of Financial Supervisory Service (FSS) |
Financial watchdog vows to strengthen global networks on anti-money laundering
By Anna J. Park
In a move to raise the local banking sector's anti-money laundering (AML) capabilities and global networks, the Financial Supervisory Service (FSS) participated in a symposium hosted by the U.S. Department of State on Wednesday morning Korea time, along with 20 other local lenders.
Titled "Navigating International Sanctions Regimes for Public and Private Sector Stakeholders Symposium: South Korea Perspective," the event was part of the U.S. government's global project to strengthen cooperation among allies in the realm of transnational financial crime, which are often employed to evade international sanctions. The U.S. Department of State has been holding similar symposiums in various countries around Europe, Africa and Asia.
In Korea, the FSS supported the hosting of the event in order to strengthen mutual cooperation with the U.S. and to raise local banks' awareness on international financial sanctions.
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| Financial Supervisory Service (FSS) Deputy Governor Kim Byung-chil, center, stands next to Moody's Analytics financial crime expert Choon Hong Chua, second from left, and Charles Bruer, program advisor at Office of Cooperative Threat Reduction at the U.S. Department of State, fourth from left, during a symposium held at the Four Seasons Hotel Seoul, Wednesday. Courtesy of Financial Supervisory Service |
"The FSS has been bolstering its assessments on financial institutions' AML systems, urging them to upgrade the systems and human resources to manage AML risks effectively," FSS Deputy Governor Kim Byung-chil said at the symposium.
He also urged local financial firms to complement their internal control systems. "With local financial firms' increased international transactions, the types of AML are sophisticated and diversified. Before dormant risks become actualized, local legal frameworks need to be elaborated, while strengthening international cooperative networks."
Kim said the FSS plans to launch a consultative body by the end of this year through which financial firms and financial authorities can discuss AML issues on a regulatory basis.
Choon Hong Chua, a financial crime expert in the area of AML from Moody's Analytics, who's leading the firm's financial crime practice group in Asia-Pacific and the Middle East, also participated in the symposium, delivering a speech on the details of U.S.-led international sanctions as well as ways to effectively manage banks' risks against money laundering attempts.
The U.S. Department of State also offered one-on-one consultations with local banks to answer some questions related to the issue.
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