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S. Korea to tighten anti-money laundering rules

All Headlines 12:00 November 23, 2017

SEOUL, Nov. 23 (Yonhap) -- South Korea's financial regulator on Thursday proposed tightening regulations on anti-money laundering and possible terrorism financing, targeting some loopholes that may be used by criminals to hide their money.

More transparent rules, which will come into force from next March, are in line with requirements by the Financial Action Task Force (FATF), an inter-governmental body established with the mission of combating money laundering, terrorist financing and other related threats, the Financial Services Commission (FSC) said in a statement.

Currently, some financial firms in South Korea, such as financial holding firms and certain investment firms, are not required to report some of their work on anti-money laundering or suspicious transactions to financial authorities.

If the revised rules go into force, all financial firms in South Korea will be required to do so, the FSC said.

Background checks on corporate customers will be strengthened and fines will be hiked if financial firms violate the relevant rules, it said.

South Korea became a full-time member of the FATF in 2009.

The revised rules come as the FTAF plans to assess South Korea's efforts to combat money laundering and terrorism financing in 2019, the FSC said.

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