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.
Amendments Proposed to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information
Date
2018-05-16
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Amendments Proposed to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information_.pdf (fileSize: 145KB)
The Financial Services Commission proposed amendments to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information that are intended to improve regulatory consistency with international AML/CFT standards set forth by the Financial Action Task Force. The amendments provide for stricter AML/CFT regulations, enhanced currency transaction reporting (CTR), and clearer rules on customer due diligence.
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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