Kookmin Bank Chooses World-Check to Enhance its Compliance Processes
LONDON, Oct. 21 /PRNewswire-AsiaNet/ --
Kookmin Bank, South Korea's largest Bank, today announced that it will
rely on World-Check's risk intelligence to enhance its due diligence and Know
Your Customer (KYC) compliance processes.
"Kookmin Bank is committed to promoting the highest standards
of ethical and responsible business and therefore we have chosen World-Check
to help address our regulatory and business requirements," said Mr. Lee Seung
Chul, General Manager, IT Systems, Kookmin Bank. "With World-Check's
comprehensive coverage, we can be confident we are effectively mitigating
risk across our various banking areas in order to ensure compliance, prevent
illegal activity and protect our customers and our reputation."
"We are delighted that Kookmin Bank, with the assistance of
our alliance partner eSum Technologies, has chosen World-Check as part of
their banking policy to align in-house compliance efforts with that of other
leading and international financial institutions," said Daniel Peak, Chief
Executive Officer of World-Check.
About World-Check
World-Check provides its global database of heightened-risk
individuals and businesses to more than 3000 institutions in 162 countries,
including 47 of the world's 50 largest banks and hundreds of government
agencies. World-Check's database of known money launderers, fraudsters,
terrorists, narcotics traffickers, shell banks and sanctioned entities is
unparalleled in its depth, reliability and coverage. The risk-relevance of
its Politically Exposed Person (PEP) coverage is also unsurpassed.
World-Check's database is relied upon by institutions to enhance their Anti
Money Laundering (AML) and Know Your Customer (KYC) screening, Enhanced Due
Diligence (EDD), fraud prevention and Counter Terrorist Financing (CFT)
systems by efficiently screening customers, associates, transactions and
employees for potential risk. World-Check's intelligence also finds direct
application in PEP risk screening processes. World-Check offers a
downloadable data file for the automated screening of unlimited records, as
well as a simple online service for instant entity screening. For more
About Kookmin Bank
Created in 2001, through the merger of the former Kookmin Bank
and Housing and Commercial Bank (H&CB), the new Kookmin Bank boasts a
nationwide branch network of over 1,200 offices, more than 24 million
customers--half of the country's population, as well as an international
network catering to overseas Korean businesses. Altogether, Kookmin accounts
for one-third of South Korea's total bank deposits. In addition to its full
range of consumer banking services, the company provides corporate lending
and investment services. Since the merger, Kookmin has begun extending its
loans portfolio beyond its traditional small - and medium-sized business base
to include a greater share of large-scale corporate clients. Through
subsidiaries, Kookmin is also active in real estate brokerage, development,
and investment; trust management; venture capital investments; futures
transactions; and credit investigation and loan collection. For more
Source: World-Check
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