Violation Tracker Individual Record

Industrial Bank of Korea
Current Parent Company: 
Industrial Bank of Korea
April 20, 2020
Offense Group: 
financial offenses
Primary Offense: 
anti-money-laundering deficiencies
Secondary Offense: 
banking violation
Violation Description: 

Industrial Bank of Korea agreed to pay $51 million and entered into a deferred prosecution agreement to resolve criminal allegations that it violated the Bank Secrecy Act by willfully failing to establish, implement, and maintain an adequate anti-money laundering program at its New York branch, a failure that permitted the processing of more than $1 billion in transactions in violation of the International Emergency Economic Powers Act.

Level of Government: 
Action Type: 
agency action
U.S. Attorney-Southern District of New York
Civil or Criminal Case: 
Prosecution Agreement: 
deferred prosecution agreement
HQ Country of Parent: 
South Korea
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.