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

Tweet
Facebook
LinkedIn
Save this article
Send to
Print this page

Jump to In focus: Covid lessons | Spotlight: Skandia fine

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to print this content. Please contact [email protected] to find out more.

You are currently unable to copy this content. Please contact [email protected] to find out more.

You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email [email protected]

You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email [email protected]

To continue reading...

Sign In

Start a Risk.net Trial

You are currently on corporate access.