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South Korean watchdog to tighten bank compliance in US

The anti-money laundering agency of South Korea's Financial Services Commission will operate a joint task force to devise strategies for complying with relevant U.S. regulations that cover overseas institutions, FNTIMES reported June 10.

The task force, which includes South Korean banks and led by the Korea Financial Intelligence Unit, will between June and August look into anti-money laundering compliance loopholes cited by U.S. regulators, among other things.

Meanwhile, the agency plans to shift its anti-money laundering focus for banks from the reporting of suspicious transactions to internal controls, FNTIMES said. South Korean lenders may also be required to strengthen their abilities to self-police overseas branches.

Further, the agency will expand its scrutiny to moneylenders, payment service providers and non-financial industry professionals such as lawyers and accountants.