Fighting financial crime
We actively support government anti-money laundering efforts.
Our Suspicious Activity Reports can make a real difference in tackling this type of fraud.
In 2010, we co-operated with the UK and Hong Kong authorities by making disclosures about suspicious bank accounts.
These were found to have been used by organised criminal groups to launder illicit funds from carousel frauds. This type of fraud is where a trader disappears without paying value-added-tax (VAT) during a cross-border transaction.
As a result, a substantial cross-border operation was carried out in the UK and Germany in 2010, involving nearly 2,500 UK and German tax officials and over 80 house and office searches. This led to the arrest of more than 20 people in the UK.
In Korea we actively engaged with the Financial Supervisory Service and the Korea Financial Intelligence Unit to share our anti-money laundering practices.
Recognition for our work
Our contribution gained wide recognition from the regulator and the industry. We were awarded the ‘Chairman Award’ in 2010 by the Financial Supervisory Commission in recognition of our contribution to Korea’s anti-money laundering efforts.