To prevent money laundering crimes that take place overseas, the Korean financial watchdog highlighted the critical importance of implementing additional measures during a symposium hosted by the US Department of State in the Nuri Ballroom of the Four Seasons Hotel Seoul on Wednesday.

“As overseas transactions of domestic financial institutions are expanding, more sophisticated and diversified methods of money laundering are also emerging,” Financial Supervisory Service Deputy Governor Kim Byung-chil said. “We need to establish more sophisticated laws and systems, as well as strengthen international cooperation to prepare in advance before potential risks materialize.”

Along with US State Department official Charlie Bruer, representatives from over 20 local banks attended the special event titled “Navigating International Sanctions Regimes for Public and Private Sector Stakeholders Symposium -- South Korea Perspective.”

Kim also announced that a consultative body will be established by the end of this year, where financial firms and financial watchdogs can regularly share and discuss issues related to anti-money laundering.

Kim also urged domestic financial companies to enhance their internal control systems to meet international standards for preventing money laundering.

The objective of the symposium, a global initiative led by the US Department of State, is to promote collaboration among partner nations in implementing US financial sanctions and to improve their efficacy.

The US Department of State has been holding these symposiums in various parts of the world including the EU, Asia and Africa.

According to FSS, Kim is having further discussions with representatives from the US Department of State following the seminar about US financial sanction policies and financial oversight in Korea.

During the symposium, Moody's Analytics expert Choon Hong Chua also gave a lecture on the US financial sanctions system and explored the immediate steps that Korean financial institutions can take to enable smarter and faster decision-making and reduce regulatory, financial, legal and reputational risks.

Moody's Analytics consultants are also offering personalized consulting sessions on Thursday for Korean financial companies.