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

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

Tristan Surtel

ORX News
08 May 2020

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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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