(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] The financial authorities, which have primarily focused on anti-money laundering (AML) inspections of banks, are now turning their attention to securities firms. Samsung Securities and Hana Securities are the first to be inspected.

According to the securities industry on the 21st, the Financial Supervisory Service (FSS) will conduct AML compliance inspections on Samsung Securities and Hana Securities from the 27th of this month until the 5th of next month. This marks the first time these securities firms will undergo such inspections.

The securities industry is paying close attention to this unfamiliar AML inspection. While banks undergo these inspections at least once every two years, securities firms have not been subject to regular inspections. As a result, most securities firms, including Samsung and Hana, are experiencing this for the first time and are understandably anxious.

According to the Financial Intelligence Unit (FIU) of the Financial Services Commission, there have been notable AML violations in the financial sector. For instance, in 2015, Woori Bank was fined 2 billion won for failing to meet customer due diligence and suspicious transaction reporting obligations related to the CJ Group slush fund case. More recently, in January of this year, Jeju Bank was fined 116.55 million won for failing to report large cash transactions.

 

 

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