Situation
In today’s complex, ever-changing regulatory environment, where transactions happen faster and more often than ever before, implementing a flexible and realtime transaction screening solution is critical for every bank to maintain compliant and efficient operations.
About IBK
The Industrial Bank of Korea (IBK) is a nationwide bank headquartered in Seoul, South Korea. It provides comprehensive banking services to small and medium-sized businesses both domestically and internationally and has overseas branches and subsidiaries that serve customers in over 20 countries.
Challenges
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.
