U.S. Fed Reserve Board ends enforcement action against Industrial Bank of Korea

Industrial Bank Of Korea

06/12/2022 16:19

NEW YORK, Dec 6 (Reuters) - The Federal Reserve Board on
Tuesday said it is terminating an enforcement action against
Industrial Bank of Korea over previous deficiencies in the
bank's risk management and anti-money laundering compliance.
    The Industrial Bank of Korea in 2016 agreed with the Reserve
Reserve Bank of New York and New York Department of Financial
Services to enhance oversight and management of the bank's
compliance with U.S. laws and regulations, according to details
from the 2016 agreement.
    The agreement was with the bank's Seoul and New York
branches.
 (Reporting by Chris Prentice; Editing by Chizu Nomiyama)
 ((christine.prentice@thomsonreuters.com; +1 (202) 843-6464;))