In Recognition of IBK's Compliance Efforts
Industrial Bank of Korea (IBK) announced on Dec. 8 that the U.S. Federal Reserve Board has terminated an enforcement action against it over previous deficiencies in its risk management and anti-money laundering compliance.
The bank signed an agreement with the Federal Reserve Bank of New York and the New York Department of Financial Services in February 2016 to enhance oversight and management of its compliance with U.S. laws and regulations.
Since then, IBK has made efforts to fulfill the agreement and the U.S. authorities officially put an end to the sanctions on Dec. 2, 2022 in recognition of its faithful implementation of the agreement.
Meanwhile, in 2014, the bank's New York branch were found to have been involved in fraudulent transactions for money laundering. The bank was fined US$86 million by the U.S. government in 2020.