Regulatory Alerts2018-05-16
Amendments Proposed 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 align domestic regulations with international AML/CFT standards established by the Financial Action Task Force. The updated decree introduces stricter anti-money laundering and counter-terrorism financing rules, enhanced currency transaction reporting requirements, and clarified customer due diligence protocols.
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