Regulatory Alerts2017-11-28
Added · Updated
Proposed Amendments to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information
The Financial Services Commission proposes repealing regulatory provisions that exempt financial firms from certain anti-money laundering internal control requirements, thereby subjecting them to stricter compliance standards. Financial firms engaging in transactions with corporate clients must verify the identity of the representing person by confirming specific personal information, including the national resident registration card number. Additionally, the record maintenance period for transactions involving electronic fund transfers and foreign exchange transactions is shortened from 25 years to five years. Public comments on these proposed amendments are accepted until January 8, 2018.
Topics
Share