Regulatory Alerts2018-05-11
Added · Updated
Amendments Proposed to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information
The Financial Services Commission proposes amendments to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information to expand the definition of financial service provider to include entities designated by the Commissioner of the Korea Financial Intelligence Unit as posing anti-money laundering and terror financing risks. Public enterprises and government-affiliated institutions are brought under enhanced currency transaction reporting requirements, and the definition of one-off financial transactions is revised to cover transactions by customers without an established business relationship, with specific reporting thresholds established for newly classified types. The public comment period for these proposed amendments ends on June 26, 2018.