On the 26th, OnePass, a company specializing in overseas remittance and simple payment, noted that it has completed its project to build and enhance its anti-money laundering (AML) system.
OnePass stated in a press release that the project was carried out based on a risk-based approach (RBA) precise diagnosis that considers customer types and service characteristics.
First, it improved the enterprise risk assessment system, including ▲customer verification obligations (KYC), ▲customer risk assessment models, and ▲suspicious transaction reporting (STR) systems. It also upgraded the anti-money laundering monitoring system by refining the analysis and internal and external reporting processes for suspicious transactions and high-risk customers.
OnePass also advanced its internal control system to comply with recommendations from the Financial Action Task Force (FATF).
Meanwhile, along with this system enhancement, it has significantly increased the recruitment of AML specialists since last year to strengthen its anti-money laundering work system.
Before proceeding with this AML enhancement project, OnePass signed a business agreement with Able Consulting, a company specializing in building anti-money laundering consulting solutions, for the enhancement of its AML system.
Kim Kyung-hoon, CEO of OnePass, said, "We will elevate our anti-money laundering system and capabilities, including customer verification, to the highest level in the financial sector to completely prevent financial fraud and provide a sound financial transaction environment," adding, "We will continue to strengthen our position as a leading global small overseas remittance company through ongoing system enhancements."
OnePass is one of the largest overseas remittance and simple payment companies in South Korea. Established in 2017, OnePass offers various services such as overseas and domestic remittances, administrative services for foreigners residing in South Korea, and loans, targeting foreign residents and overseas Koreans. It is also aiming to expand its business to build a comprehensive financial platform for foreigners.