Regulatory Alerts2017-11-27
Amendments to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information
The Financial Services Commission proposed amendments to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information. These changes raise compliance standards for financial firms’ anti-money laundering internal controls and align domestic regulations with the Financial Action Task Force framework. The updated decree mandates stricter reporting obligations and enhanced supervisory consistency to effectively combat money laundering and terrorist financing.
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