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AML & Sanctions Compliance

Overview

The AML & Sanctions Practice at Kim & Chang advises Korean and foreign financial institutions as well as multinational corporations on compliance issues related to anti-money laundering (“AML”), economic sanctions, export controls as well as audit and remediation of internal control systems.  

As such, Kim & Chang is known for its vast knowledge and experiences in various areas, such as government investigations by domestic and foreign regulatory authorities, responses to criminal investigations, and assistance in internal investigations, spanning multiple jurisdictions around the globe.

The practice’s lawyers and professionals with legal expertise and abundant practice experience from government agencies and industry make efforts to offer diverse solutions in respect of AML and sanctions compliance and responding to government inspections, examinations and investigations based on cooperation with domestic and foreign regulatory authorities.

Key Servicesshow

AML and Sanctions Audit and Remediation

Based upon a checklist of major compliance-related matters prepared by conducting an analysis of relevant laws and regulatory cases, our practice conducts a systematic audit and gap analysis of the client’s current state of AML and sanctions compliance through review of internal policies and procedures, interviews with officers and employees, on-site management due diligence, etc.  Through such analysis, we provide internal control remediation plans and implementation measures for our clients.


Alignment of Code of Conduct and Relevant Processes

Our practice finds the best practice by comprehensively examining the FATF recommendations, the laws of Korea, as well as policies of regulatory agencies, and provides advisory services regarding internal organization, work procedures and methods for our clients’ AML and sanctions compliance. 


Defense of Examinations/Investigations by Korean & Foreign Regulatory Authorities

Our practice effectively responds to examinations and investigations by Korean and foreign financial regulatory authorities and law enforcement agencies from the very start through meticulous fact-finding and multi-pronged legal actions. 


Offshore Trade Advice & Due Diligence

Our practice provides clients with advisory services on sanctions (US, UN and EU) risks related to financial transactions such as export-import trades, trade and foreign exchange, transaction plans taking into account response measures, and the related internal control, as well as sanctions risks for overseas M&A and investments by local financial institutions and corporations.

Key Experienceshow

Our practice has advised Korean head office and overseas affiliates, branches, etc. of financial institutions with AML compliance requirements such as domestic banks, securities companies, insurance companies, etc. and Korean office and overseas affiliates of financial institutions affected by various international sanctions that carry out foreign exchange and other cross-border financial transactions. 

 
  • Assisting financial institutions in the US law enforcement agencies’ investigations regarding violations of US sanctions
  • Assisting financial institutions’ overseas affiliates in respect of compliance with local AML laws and regulations
  • Assisting financial institutions during Financial Supervisory Services (FSS) and Korea Financial Intelligence Unit (KOFIU) inspections on breach of AML laws and regulations
  • Providing compliance consulting services to financial institutions in respect of compliance with sanctions laws and regulations
  • Conducting independent AML audits for Korean and foreign financial institutions

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