Info:
Industrial Bank of Korea (IBK), is an industrial bank headquartered in Jung-gu, Seoul, South Korea. The bank was established in 1961. Its slogan is “Global Leading Bank.” This bank is owned by the Government of the Republic of Korea (South Korea). From 2013 to 2016, Kwon Seon-joo was its CEO, and thus became South Korea’s first female bank CEO;
“New York authorities fined a South Korean bank over long-running gaps in its defenses against money laundering, after the lender’s Manhattan branch was used to launder cash for Iran. – The state-backed Industrial Bank of Korea must pay $35 million for lapses dating back to 2010, which centered on failing to install and maintain an adequate transaction-monitoring system, New York state’s Department of Financial Services said in a document reviewed by The Wall Street Journal. A spokesman for the bank said he had no immediate comment.” (The Wall Street Journal, “New York Fines South Korean Bank Used for Iran Payments,” 4/20/2020);
“stopped guaranteeing transitions and buying usance letters of credit for companies doing business with Iranian firms in response to the U.S.’s renewed sanctions against iran.” (“Woori Bank and IBK partially suspend financial transactions with Iran,” Pulse (South Korea), June 19, 2018.);
Industry:
Banking Sector
Country:
South Korea
Website:
www.global.ibk.co.kr
Reason for the color:
» Industrial Bank of Korea will pay fine for violating U.S. sanctions;