7. Anti-money laundering (AML)
Anti-money laundering
The Korean government recently reformed the Financial Transaction Reports Act for Anti-Money Laundering and established the Prohibition of Funding for the Purpose of Endorsement or Threat Act regarding anti-money laundering in order to meet the requirements to join the FATF in 2008.
According to the legislation, financial institutions must file Suspicious Transaction Report (STR) and Cash Transaction Report (CTR) to the Korea Financial Intelligence Unit (KoFIU). In addition, Enhanced Due Diligence procedures must be implemented and policies and systems need to be introduced in order to meet Anti-Money Laundering legislations.
Major tasks provided by AML team
Through our international network of professional services practices, Deloitte has an experienced team of anti-money laundering ("AML") services pPractice of Deloitte have assisted clients with anti-money laundering issues for more than 20 years. Working with the over 160 other Deloitte entities worldwide network of member firms, we have designed, reviewed, enhanced, implemented and monitored numerous anti-money laundering detection and compliance programs for clients around the world. Our work has included:
- Assessing AML risk at the enterprise and business unit level
- Drafting and enhancing policies and procedures
- Creating and delivering training modules
- Compliance assessments
- Forensic "look backs" pursuant to regulatory orders
- Internal control assessment and internal audit outsourcing
- Selection and implementation of technology solutions
- Internal investigations and the creation of enterprise-wide private sector Financial Intelligence Units