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Industrial Bank of Korea controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2020

    New York fines Industrial Bank of Korea $35 million

    Fine or penalty

    New York State's Department of Financial Services said Industrial Bank of Korea must pay a $35 million fine for violating anti-money-laundering laws. The department cited repeated compliance deficiencies; the fine was set out in a consent order.

    Source excerpt

    • The DFS said IBK had repeated problems in maintaining adequate policies and procedures for anti-money laundering compliance, from 2010 to 2019.
    • The DFS and the Korean state-run lender have entered into a consent order over the penalty.
    • The Industrial Bank of Korea (IBK) must pay a $35 million fine to New York State for violating the New York Bank Secrecy Act which governs anti-money laundering laws, New York's State Department of Financial Services (DFS) said Monday.
    Source

  2. 2020

    IBK reaches agreements with US and New York authorities

    Settlement

    Industrial Bank of Korea and its New York branch entered into agreements with US and New York authorities to resolve violations involving the Bank Secrecy Act, sanctions rules and other laws. The Bank agreed to an overall penalty of $86 million.

    Stated objective. to resolve violations of the Bank Secrecy Act, the International Emergency Economic Powers Act, the Iranian Transactions and Sanctions Regulations, and various provisions of New York law

    Source excerpt

    • SDNY imposed a $51 million forfeiture for the Bank’s willful failure to establish and maintain an anti-money laundering (AML) compliance program
    • On April 20, 2020, the Industrial Bank of Korea (IBK) and its New York branch (IBKNY) (collectively, “the Bank”) entered into a Deferred Prosecution Agreement (DPA) with the U.S. Attorney’s Office for the Southern District of New York (SDNY), a non-prosecution agreement (NPA) with the New York Attorney General, and a Consent Order (the “Consent Order”) with the New York State Department of Financial Services (NYDFS), to resolve violations of the Bank Secrecy Act (BSA), the International Emergency Economic Powers Act (IEEPA), the Iranian Transactions and Sanctions Regulations (ITSR), and various provisions of New York law.
    Source