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.
Amendments Proposed to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information
Date
2017-11-27
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Amendments Proposed to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information_.pdf (fileSize: 158KB)
The Financial Services Commission proposed amendments to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information. The amendments raise the compliance standards and requirements for financial firms’ anti-money laundering (AML) internal controls and provide for greater consistency between domestic rules and rules set by the Financial Action Task Force (FATF), the inter-governmental body established in 1989 to fight money laundering and terrorist financing.
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Amendments Proposed to the Enforcement Decree of the Financial Investment Services and Capital Markets Act
Department/Division in charge of Information management
Department/Division In charge
International Affairs Department(Financial Hub Korea) International Cooperation Team
Phone Number
+82-2-3145-7895