money laundering Archives | Be Korea-savvy
S. Korea to Use AI to Better Combat Money Laundering

S. Korea to Use AI to Better Combat Money Laundering

SEOUL, Dec. 5 (Korea Bizwire) — South Korea’s top financial regulator said Tuesday it will use artificial intelligence (AI) technology to automate some of the nation’s probe systems against money laundering. Kim Yong-beom, vice chairman of the Financial Services Commission (FSC), said it will start building the anti-money laundering compliance system using AI next year. [...]

S. Korea to Toughen Rules on Anti-Money Laundering

S. Korea to Toughen Rules on Anti-Money Laundering

SEOUL, Nov. 28 (Korea Bizwire) – South Korea said Monday it will step up efforts to close systemic loopholes in efforts to combat money laundering.  The government plans to revise related legislation to cover lawyers, accountants, realtors and other professionals in non-finance sectors, according to the initiative by the authorities.  Currently, only financial firms and [...]

China Opposes Unilateral Sanctions as U.S. Designates North Korea Money Launderer

China Opposes Unilateral Sanctions as U.S. Designates North Korea Money Launderer

BEIJING, June 2 (Korea Bizwire) – China said Thursday it opposes unilateral sanctions by a certain country against North Korea, reacting coolly to a U.S. decision that designated North Korea as a “primary money laundering concern” with the aim of blocking the North’s access to the global financial system.  The designation by the U.S. Treasury [...]

South Korea Welcomes U.S. Move to Designate North Korea as ‘Primary Money Laundering Concern’

South Korea Welcomes U.S. Move to Designate North Korea as ‘Primary Money Laundering Concern’

SEOUL, June 2 (Korea Bizwire) – South Korea on Thursday welcomed the U.S.’ move to designate North Korea as a “primary money laundering concern,” saying that it indicates Washington’s strong commitment to faithfully carry out the toughened sanctions on the communist country for its nuclear weapons program.  The foreign ministry vowed to keep working closely [...]