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...

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