Woori Financial Group Inc's Comment on Sales, Marketing and Customers
The company provides customer due diligence (KYC) and enhanced due diligence (EDD) reviews for humanitarian trade transactions involving Iran and the Central Bank of Iran (CBI) in compliance with OFAC sanctions. In August 2023, it facilitated a transfer of Korean Won funds from a legacy CBI account to the Swiss National Bank for a humanitarian channel in Qatar, coordinated with the governments of Korea, the United States, and certain European nations. Historically, the company offered fund transfer and financing services to Korean exporters and importers engaged in trade with Iranian parties under Korean sanctions but discontinued trade financing related to CBI accounts as of November 5, 2018. Since 2019, such exports and imports have been settled via telegraphic transfer without financing services. The company maintains limited deposit accounts in Korea for an Iranian financial institution subject to OFAC sanctions; however, these accounts are restricted and currently inactive. In September 2023, Bank Mellat, a sanctioned Iranian bank, filed a lawsuit against Woori Bank regarding frozen funds, but the courts ruled against Bank Mellat through April 2025. The company intends to continue its activities within applicable legal and sanctions frameworks. Its market segments include humanitarian trade involving Iran and Korea, Korean exporters and importers trading with Iranian parties, and Iranian financial institutions subject to sanctions.
Woori Financial Group Inc’s Comment on Sales, Marketing and Customers
The company provides customer due diligence (KYC) and enhanced due diligence (EDD) reviews for humanitarian trade transactions involving Iran and the Central Bank of Iran (CBI) in compliance with OFAC sanctions. In August 2023, it facilitated a transfer of Korean Won funds from a legacy CBI account to the Swiss National Bank for a humanitarian channel in Qatar, coordinated with the governments of Korea, the United States, and certain European nations. Historically, the company offered fund transfer and financing services to Korean exporters and importers engaged in trade with Iranian parties under Korean sanctions but discontinued trade financing related to CBI accounts as of November 5, 2018. Since 2019, such exports and imports have been settled via telegraphic transfer without financing services. The company maintains limited deposit accounts in Korea for an Iranian financial institution subject to OFAC sanctions; however, these accounts are restricted and currently inactive. In September 2023, Bank Mellat, a sanctioned Iranian bank, filed a lawsuit against Woori Bank regarding frozen funds, but the courts ruled against Bank Mellat through April 2025. The company intends to continue its activities within applicable legal and sanctions frameworks. Its market segments include humanitarian trade involving Iran and Korea, Korean exporters and importers trading with Iranian parties, and Iranian financial institutions subject to sanctions.
Sources:
Woori Financial Group Inc’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
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Focus of this report: Woori Financial Group Inc’s corporate clients.
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