YulChon expanded its anti-money-laundering (AML) advisory team and strengthened its response system to cover financial sanctions, digital assets, and cross-border transaction issues.
YulChon has provided anti-money-laundering and countering the financing of terrorism (CFT) advice to financial companies and general corporations since launching its AML team in 2021. It said it has recently broadened its scope to overseas financial sanctions, digital assets, electronic finance, overseas remittances, and reviews of cross-border transaction structures.
YulChon saw recent AML issues spreading not only to traditional financial companies such as banks, securities, and insurance, but also to electronic financial service providers, virtual asset service providers, and small-sum overseas remittance businesses. With regulatory issues becoming more complex—customer due diligence (KYC), suspicious transaction reports (STR), beneficial ownership verification, transaction monitoring, and reviews of overseas transaction counterparties—the demand is growing for advice that looks beyond statutory interpretation to include transaction structures and responses to inspections and investigations.
About 50 people, including attorneys, expert advisers, and consultants from the Financial Services Commission, the Korea Financial Intelligence Unit (FIU), and the Financial Supervisory Service, are currently on the team. Attorney Kim Si-mok, formerly with the Korea Financial Intelligence Unit and a 33rd class graduate of the Judicial Research and Training Institute, leads the team, joined by attorneys Yun Jong-uk (37th class), Choi Hong-jun (40th class), and Lee Geun-jae (7th bar exam). YulChon said it also reinforced its consulting staff centered on the internal control center, building a structure that connects the initial issue review stage with regulatory interpretation, internal control design, business process improvements, and post-event responses.
The firm also continued to add specialists. In 2023, senior expert adviser Lee Ho-jae, who served as a specialized AML examiner at the Financial Supervisory Service, joined, and last year, senior expert adviser Chu Min-su, who has experience in internal control and AML consulting, came on board. The advisory group includes former Korea Financial Intelligence Unit head Kim Kwang-soo and former Financial Supervisory Service senior deputy governor Seo Tae-jong.
Attorney Kim Si-mok said, "Recently, with additional expert advisers and advisory members from financial supervisory authorities joining, we can provide more multidimensional support for legal reviews, internal control improvements, and responses to inspections and investigations regarding the complex AML issues clients face."