The Anti-Money Laundering Division of the Supervision Department ensures banks to fulfill their obligation and implementation of the Law on Combating Money Laundering and Terrorism Financing, Law on Countering Proliferation of Weapons of Mass Destruction and Terrorism; conduct risk-based supervision on banks in the area of money laundering, terrorism financing and financing the proliferation of weapons of mass destruction. It includes:
- Assessing the bank’s business risk of money laundering, terrorism and proliferation of weapons of mass destruction under the bank's structure, products and services, delivery channels, and the scale of operations.
- Assessing the bank’s internal control system, structure and effectiveness in combating money laundering, terrorism financing and financing of proliferation of weapons of mass destruction.
- Conduct an integrated risk assessment of the bank’s exposure to money laundering, terrorism and proliferation of weapons of mass destruction by combining the assessment of potential risks arising from the bank's business activities and control systems; and determine the direction, scope and frequency of on-site examinations.
- Carry out risk-based on-site examinations of the implementation of the bank's anti-money laundering and combating terrorism financing and the proliferation of weapons of mass destruction financing; application of financial sanctions; take enforcement actions for detected violations and deficiencies, eliminate violations; update risk assessment within the framework of remote monitoring, and ensure the fulfillment of tasks.
- Reviewing and introducing the updated requirements, international standards and regulatory methods for the bank's anti-money laundering, combating terrorism financing and the proliferation financing of weapons of mass destruction.
- If necessary, in cooperation with the Financial Information Unit and the Financial Regulatory Commission, conduct a joint examination of activities to combat money laundering, financing of terrorism and the proliferation financing of weapons of mass destruction of the participants in the banking union.
The following laws and regulations are administered in our operations:
On combating money laundering and the financing of terrorism law
On countering proliferation of weapons of mass destruction and terrorism law
The regulation of preventive measures on anti-money laundering and combating financing of terrorism