A turnout of more than 150 lawyers attended the In-House Counsel Forum’s (IHCF) Anti-Money Laundering (AML) Academy in the Korea Federation of Banks building in Seoul in mid-June.
IHCF president Yang Jay-son said this was the second such event, following a 2018 seminar that overviewed the local regulatory framework in AML and provided an outlook of future developments.
“It was a stepping stone to extend our views to an international scope of arena that has increasingly affected local financial institutions,” she said. “This time in particular, we extended our invitation to those in legal, compliance or AML officers working in the local financial institutions, in addition to IHCF members.”
Yang said the academy had two specific purposes: (1) to help South Korean financial institutions enhance their understanding of the global AML environment and the growing risk associated with this area; and (2) to provide local financial institutions operating their branches and subsidiaries in the US with useful guidance on how to prepare to properly tackle, and make adequate compliance with, AML regulatory risk in their domestic or overseas businesses.
“Given the local financial institutions’ growing concerns regarding AML requirements and risks in their local and global business operations, both local FIs and regulators desire to better understand the US AML regulatory and compliance framework, often viewed as the world’s leading framework, in order to mitigate the AML risks the organizations face and ultimately improve the AML regulatory standards of local FIs,” said Yang. “This academy is also timely given the upcoming mutual evaluation and review by the financial action taskforce of the Korean AML regulator, KoFIU [Korean Financial Intelligence Unit].
“Given this evolving regulatory environment, it is important for in-house counsel working in legal, compliance and AML of the local financial institutions to be up to speed on the matter.”
IHCF is a nation-wide association of corporate counsel working in Korea. Launched in 1998 with a small number of in-house counsel in global IT companies in Korea, the organization has grown to about 1,800 in-house counsel. IHCF seminars and activities are supported by its membership fee and sponsorship by 20+ top tier law firms in Korea and worldwide. The AML Academy was sponsored by Paul Hastings and Sheppard Mullin.
Yang said the IHCF’s finance committee would continue to focus on emerging regulatory issues in finance such as AML, export sanctions and fintech to provide Korea’s in-house legal community with educational and networking opportunities.