Regulations Governing Anti-Money Laundering of Financial Institutions Article 8

Financial institutions shall comply with the following provisions in their watch list filtering programs on customers and connected parties of transactions :1. A financial institution shall establish policies and procedures for watch list filtering, based on a risk-based approach, to detect, match and filter whether customers, or the senior managerial officers, beneficial owners or connected parties of the customers are individuals, legal persons or organizations sanctioned under the Terrorism Financing Prevention Act or terrorists or terrorist groups identified or investigated by a foreign government or an international organization.2. The policies and procedures for watch list filtering shall include at least matching and filtering logics, implementation procedures and evaluation standards, and shall be documented.3. A financial institution shall document its name and account filtering operations and maintain the records for a time period in accordance with Article 12.