South Korean Bank's AML Penalties Offer Cautionary Tale
Law360 (April 22, 2020, 5:50 PM EDT) -- On April 20, the U.S. attorney for the Southern District of New York, the New York attorney general and the New York State Department of Financial Services announced agreements, including a deferred prosecution agreement, with the South Korean state-owned Industrial Bank of Korea and its New York branch, IBKNY, for deficiencies in its anti-money laundering compliance program.
As a result of its deficient AML program, the bank facilitated the transfer of more than $1 billion for the benefit of the government of Iran.
Although the activity largely took place in 2011, the deficiencies in the compliance program persisted through 2019, despite...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!