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Foreign banks in Korea advised to take anti-money-launderingBy Catherine Chung
Published : July 26, 2017 - 09:25
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.
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)
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