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Regulator to bolster supervision of own non-profit organizations

All Headlines 15:39 July 09, 2018

SEOUL, July 9 (Yonhap) -- The financial regulator said Monday it will strengthen supervision of non-profit organizations under its wing.

The Financial Services Commission (FSC) has some 150 non-profit organizations, including the Korea Federation of Banks, but some little-known organizations have come under fire for allegedly misusing funds.

Regulator to bolster supervision of own non-profit organizations - 1

In a statement, Kim Yong-beom, vice chairman of the FSC, said the regulator will end ties with some of its non-profit organizations if they remain inactive for a long time.

The FSC will also require its non-profit organizations to adopt tougher accounting standards, Kim said.

kdh@yna.co.kr
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