Hwawoo LLC (representative attorney Lee Myung-su) said on the 4th it launched the "AML and internal control solution center," dedicated to advisory services on anti-money laundering (AML) and internal controls.
As crackdowns on money laundering, tax avoidance, and international financial crimes have intensified recently, the AML and internal control burden on financial companies has also grown. With implementation of Financial Action Task Force (FATF) standards, expansion of the automatic exchange of financial information regime, and stronger global financial sanctions regulations, demand is increasing for know your customer (KYC), suspicious transaction report (STR), screenings of sanctioned parties, and overhauls of internal control systems.
Hwawoo said the new center plans to provide banks, securities firms, insurers, specialized credit finance companies, electronic financial service providers, and virtual asset service providers with advisory services on AML framework reviews and builds, responses to FATCA and CRS, financial sanctions compliance, diagnostics and improvements of internal control systems, and responses to inspections and sanctions by financial authorities.
Participants in the center include senior specialist Jung Min-gang, senior consultant Park Ji-su, lead consultant Ha Yeo-myeong, and consultant Jang Yi-gyeong, formerly of the financial industry consulting institutional sector at Deloitte Touche Tohmatsu Limited (DTTL) Anjin. Also joining are adviser Park Sang-hyun, formerly head of the Anti-Money Laundering Office at the Financial Supervisory Service, attorney Lee Bo-hyun (Judicial Research and Training Institute class 36), attorney Song Kyung-ok (class 39), attorney Joo Min-seok (first bar exam), attorney Lee Sang-bin (third bar exam), and attorney Jung Seong-bin (fourth bar exam).
Hwawoo said it has provided advisory services to commercial banks, financial holding companies, card issuers and insurers, securities firms, internet-only banks, foreign financial institutions, and virtual asset service providers on responses to inspections and sanctions by the Korea Financial Intelligence Unit (FIU) and the Financial Supervisory Service, know-your-customer obligations, the lawfulness of transaction refusals, and independent internal audit work.