Korea

Citibank Korea, BNK Kyongnam Bank and KEB Hana Bank are being investigated by FSS over allegedly manipulating loan rates to overcharge retail borrowers.

New guideline requires financial institutions to strengthen monitoring and enhance due diligence on accounts intended for crypto exchange operations and report suspicious transactions to KoFIU, including transfers to overseas exchanges.

FSS found thousands of irregularities in lending rate calculations including omission about income or collateral in credit evaluations, resulting in unfairly high lending rates.

New rules aim to control growth of the $24.7bn industry by requiring greater disclosures for secured lending, notarised mortgages valuations, among other measures.

South Korean branch of Goldman Sachs International said its naked shorts were the result of an institutional investor reversing a decision to lend it shares; the firm faces a fine up to $896,000.

Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.

Charges against current and former bank officials involve hiring misconduct, special favours; 87% of hiring irregularities occurred at either KB Kookmin Bank or KEB Hana Bank.

Korea Federation of Banks to introduce BankSign system next month; will significantly enhance and simplify user verification process for online and mobile banking through blockchain technology.

Korean cabinet approves amendments to its capital markets law to allow funds passporting between the five signatory countries; FSC to begin making preparations for scheme launch in 2019.

Cross listed ETFs track tech stocks traded in the two countries; following 2015 MoU that sought to expand cooperation between the TWSE and KRX.