March 1 2016
The New York State Department of Financial Services (DFS) today announced that the Industrial Bank of Korea (IBK) has entered into a Written Agreement with DFS and the Federal Reserve Bank of New York to strengthen compliance with Bank Secrecy Act/anti-money laundering (BSA/AML) requirements, as well as the regulations issued by the Office of Foreign Assets Control (OFAC) at the bank’s New York Branch.
The agreement was reached after an examination of the Branch found deficiencies relating to its risk management and compliance with New York State and federal laws, rules and regulations concerning BSA/AML and OFAC.
“DFS is committed to working with the Federal Reserve to ensure that banks are in complete compliance with established anti-money laundering controls. This agreement with IBK will strengthen existing safeguards and improve reporting of any suspicious activity”, said Maria T. Vullo, Acting Superintendent of Financial Services.