Effective Strategies for Managing Trade-Based Money Laundering (TBML) Risks in Korea
** The presentation will be in Korean.
The Financial Action Task Force (FATF) Guidance on Counter Proliferation Financing, published in 2018, detailed a number of measures for financial system providers to implement as mechanisms to combat financial proliferation of weapons of mass destruction. These measures were further enhanced through a second FATF recommendation requiring countries to implement finance-related Targeted Financial Sanctions imposed by North Korea-related United Nations Security Council Resolutions.
In addition, FATF set out in detail a list of items to potentially address the control, management and actions to be taken on sanctions screening and the understanding of supervisory obligations. These measures include amongst others; understanding country risk, shell and front companies, the movement of proliferation sensitive goods and sanctioned entities and corporates.
In the current climate, these FATF principles and recommendations are as relevant as ever. The United Nations Panel of Experts for DPRK and the US State Department Office of Foreign Asset Control (OFAC) have all issued reports in 2020 on missile procurement strategies pursued by North Korea for technology and goods which they are unable to produce domestically.
This climate of new regulatory advisories is fueling conversations among banks and other financial institutions who may need to reevaluate their programs to ensure compliance and avoid regulatory scrutiny and/or costly fines.
Join IHS Markit and guests in this interactive webinar to discuss strategies for managing TBML risk in Korea, what it means for your financial institution and share insights on how to strengthen compliance protocols.
Industry Solutions Subject Matter Expert, Maritime & Trade, IHS Markit
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