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Industrial Bank of Korea Enhances AML Capabilities-Eastnets SafeWatch

Key challenges

With a vast network of branches throughout Korea and worldwide operations, IBK used multiple screening and transaction monitoring systems to deal with a diverse array of regulatory requirements. Management and monitoring of these systems were cumbersome and time-consuming, and having numerous systems led to high maintenance costs. What’s more, these systems were disparate, causing IBK’s compliance team to have reduced visibility into transactions across its operations and requiring compliance officers to perform manual compliance checks regularly. With disparate screening systems that were inflexible and unable to provide a holistic view of operations, it was more challenging to efficiently manage, update, and respond to new regulatory obligations.

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