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

Industrial Bank Of Korea

01/03/2016 17:00

(Adds comment from bank compliance officer) 
    By Suzanne Barlyn 
    March 1 (Reuters) - Industrial Bank of Korea  024110.KS  
will beef up measures at its New York branch  IBKKRN.UL  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. 
    "We are taking appropriate action to resolve these issues 
and hope to have them resolved as soon as possible," said James 
Lorez, a compliance officer in Industrial Bank of Korea's New 
York branch. 
 
 (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/