LONDON, October 21 /PRNewswire/ -- 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 information please visit http://www.world-check.com
About Kookmin Bank
Created in 2001, through the merger of the former Kookmin Bank and Housing and Commercial Bank (HCB), 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 information visit http://www.kbstar.com
Marion Willson, Tel: +44(0)20-8099-7263, E-mail: mw2@world-check.com
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