Industrial Bank of Korea to boost anti-money laundering efforts in N.Y.

Industrial Bank Of Korea

01/03/2016 16:12

March 1 (Reuters) - Industrial Bank of Korea  IBKKRN.UL  
will beef up measures at its New York branch  024110.KS  to 
comply with U.S. money laundering rules in a pact reached with 
state and U.S. banking regulators, the  New York Department of 
Financial Services (NYDFS) said on Tuesday. 
    The bank, as part of an agreement with the NYDFS and the 
Federal Reserve Bank of New York, must submit plans to the two 
regulators in May explaining how it will improve its oversight 
of anti-money laundering efforts and reporting of suspicious 
banking activity, among other things, NYDFS said in a statement. 
    The pact was reached after an examination of the Industrial 
Bank Of Korea's New York Branch found "deficiencies," NYDFS 
said. 
 
 (Reporting by Suzanne Barlyn; Editing by Chizu Nomiyama) 
 ((Suzanne.Barlyn@thomsonreuters.com; 646-223-8550; Reuters 
Messaging: suzanne.barlyn.thomsonreuters.com@reuters.net)) 
 
Keywords: INDUSTRIAL BANK MONEYLAUNDERING/