Regulatory Alerts2018-09-19
Added · Updated
Proposed Amendments to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information
The proposed amendments require electronic financial services providers and private moneylenders registered under Article 3(2)5 of the Act on Registration of Credit Business, etc. and Protection of Finance Users to comply with anti-money laundering requirements. The Financial Supervisory Service is designated to assume examination authority over these entities. Additionally, the reporting threshold for currency transaction reports submitted to the Korea Financial Intelligence Unit is lowered from KRW20 million to KRW10 million.
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