Group Anti-Money Laundering Policy

 


Woori Financial Group has established a group-level Anti-Money Laundering (AML) policy, called the One AML/CFT Policy, to ensure compliance with regulations and prevent money laundering. The holding company performs the role of overseeing subsidiaries and monitoring activities. Specifically, in accordance with FATF recommendations and domestic regulations, the following AML measures are implemented:

1. Know Your Customer (KYC) System

We verify the identity of customers who open new accounts or engage in occasional financial transactions above the legal threshold. We also identify the beneficial owners (natural persons who ultimately control or have a controlling influence over the customer). Throughout the customer relationship, we continuously assess the ML/TF (Money Laundering/Terrorist Financing) risks, ensuring appropriate customer due diligence. For non-face-to-face customers, we collect copies of identification documents and verify their authenticity through methods such as video calls. Additionally, prior to completing financial transactions, we compare and verify customers and beneficial owners against watchlists, including lists of sanctioned individuals designated by the United Nations, to determine if they are high-risk individuals, such as terrorists or politically exposed persons. If identified as high-risk individuals, we perform enhanced due diligence (EDD) to verify transaction purposes and fund sources, following a process that requires approval from senior management.

2. Education and Training

We conduct education and training programs at least once a year for sales personnel, AML staff, and management, tailored to their respective roles and responsibilities.

3. Independent Audit

An independent department, separate from the AML team, conducts an annual review and evaluation of the adequacy and effectiveness of AML operations. Any deficiencies identified by independent audits are addressed and reported to the Board of Directors.

4. Transaction Monitoring and Reporting

To prevent money laundering activities, we monitor customer transactions, analyze transaction patterns, and report suspicious transactions and large cash transactions to the Financial Intelligence Unit (FIU) through designated reports prepared by the Reporting Officer.

5. Record Keeping

We retain records of customer due diligence, financial transaction records, reports on suspicious transactions and large cash transactions, as well as other relevant reports and documents, for a period of at least five years from the termination of the financial relationship.