Regulatory Alerts2017-04-25
Enhanced Prudential Standards Proposed for Specialized Credit Finance Companies
The Financial Services Commission of Korea has proposed amendments to the Regulations on Credit Finance Business to establish enhanced prudential standards for specialized credit finance companies. These amendments mandate stricter loan loss provisioning for high-risk loans and introduce specific asset classification criteria for installment finance and lease assets. The regulatory changes also require the implementation of biometric authentication for credit card consumers to strengthen operational security and consumer protection.
Enhanced prudential standards proposed for specialized credit finance companies
Date
2017-04-25
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Enhanced Prudential Standards Proposed for Specialized Credit Finance Companies_.pdf (fileSize: 203KB)
The Financial Services Commission proposed amendments to the Regulations on Credit Finance Business that will set enhanced loan loss provisioning standards for high-risk loans and asset classification criteria for installment finance and lease assets. The proposed amendments also provide for biometric authentification of credit card consumers.
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Amendments Proposed for 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