The sanctions target ships, individuals, and organisations for “illegal maritime activities that support North Korea’s nuclear and missile development."
The FSS said it has confirmed that two investment banks submitted naked short selling orders worth a combined KRW 54 billion.
The new bureau will establish a supervision and inspection system equivalent to that of other financial institutions, the FSS said.
The banks have been accused of maintaining similar terms and conditions to avoid price wars and maximise profits.
The online loan transfer system was established last year to enable borrowers to easily switch credit loans to those offering better rates.
The FSS found that some firms incentivised sales of high-risk and complex ELS products through internal policies and KPIs.
The new online platform will help users find suitable microfinance products based on their financial needs and situation.
Firms will be allowed to set training hours for employees based on position and duties, and KoFIU will introduce a new AML competency test.
The legislative amendments allow financial firms to transfer foreign currency loan receivables to overseas entities.
The legislative amendment applicable to credit finance firms will ban the use of credit cards to make payments on overseas crypto platforms.
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