UPDATE 1-Industrial Bank of Korea to boost anti-money laundering efforts in N.Y

March 1, 2016 5:00 PM

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March 1 Industrial Bank of Korea will beef up measures at its New York branch to comply with U.S. money laundering rules in a pact reached with state and U.S. banking regulators, the New York Department of Financial Services (NYDFS) said on Tuesday.

The bank, as part of an agreement with the NYDFS and the Federal Reserve Bank of New York, must submit plans to the two regulators in May explaining how it will improve its oversight of anti-money laundering efforts and reporting of suspicious banking activity, among other things, NYDFS said in a st...

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