Op risk data: IBK snagged in money-laundering ops to Iran

Also: foul play called on Hapoalim’s football bribery scheme. Data by ORX News

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IBK offices in Seoul: the Korean lender was responsible for April 2020’s largest publicly reported op risk loss
Tristan Surtel

In April’s largest loss, Industrial Bank of Korea (IBK) paid a total of $86 million for failures in its anti-money laundering programmes, which allowed the illegal transfer of over $1bn to Iran through its New York branch.

Investigations by the New York Attorney General’s Office (NYAG) and the New York State Department of Financial Services (NYDFS) found severe deficiencies in IBKNY’s AML controls. From at least 2006 to January 2013, IBKNY’s process for reviewing transactions was manual; it had

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