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Company: Industrial Bank of Korea
Current Parent Company:
Industrial Bank of Korea
Parent at the Time of the Penalty Announcement:
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Penalty: $35,000,000
Year: 2020
Date: April 20, 2020
Offense Group: financial offenses
Primary Offense: anti-money-laundering deficiencies
Mega-Scandal:
Anti-Money Laundering Deficiencies
Violation Description: Industrial Bank of Korea and its New York branch agreed to pay fines totaling $35 million to New York State for violations of New York's bank secrecy and anti-money-laundering laws.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
HQ Country of Current Parent: South Korea
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data:
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the
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