Home

The Korea Herald

Latest news

Most Popular

  1. 1

    Contentious grain bill put directly to plenary meeting for vote

    Contentious grain bill put directly to plenary meeting for vote
  2. 2

    Yoon's approval rating plunges to all-time low

    Yoon's approval rating plunges to all-time low
  3. 3

    Will tug-of-war between doctors, government end soon?

    Will tug-of-war between doctors, government end soon?
  4. 4

    Climate impacts set to cut 2050 global GDP by nearly a fifth

    Climate impacts set to cut 2050 global GDP by nearly a fifth
  5. 5

    Trilateral talks acknowledge ‘serious’ slumps of won, yen

    Trilateral talks acknowledge ‘serious’ slumps of won, yen
  1. 6

    [Graphic News] More Koreans say they plan long-distance trips this year

    [Graphic News] More Koreans say they plan long-distance trips this year
  2. 7

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
  3. 8

    North Korea removes streetlights along cross-border roads with South

    North Korea removes streetlights along cross-border roads with South
  4. 9

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
  5. 10

    Farming households dip below 1m for first time in 2023

    Farming households dip below 1m for first time in 2023
소아쌤

Foreign banks in Korea advised to take anti-money-laundering

By Catherine Chung

Published : July 26, 2017 - 09:25

    • Link copied

South Korea's financial regulator said Wednesday it has advised some foreign banks here to take steps to guard against money laundering activities.

After an inspection of 37 branches of foreign banks in the country, the Financial Supervisory Service concluded that some small-scale branches showed a lack of awareness of money laundering.

(Yonhap) (Yonhap)

The FSS said, however, most branches had anti-money-laundering safeguards in place. It did not identify the vulnerable branches by name.

The vulnerable branches did not have enough staff or a system in place to verify whether a customer's money is honest or not, the FSS said.

They were also not properly reporting financial transaction-related information to Korean financial authorities, it said. (Yonhap)

More from Headlines