The FSC will introduce new monetary sanctions and strengthen supervision on loan agreements to prevent predatory lending.
A Shinhan Bank employee has died after being shot in the head by Myanmar's military forces. Meanwhile, local private banks are being fined for remaining closed.
Effective from 30 June, the framework for the supervision of non-holding financial groups will help enhance the management of group-wide risks.
The FSC says credit support measures for SMEs will be maintained at it will minimise the impact of rating downgrades.
The new rules imposing stricter requirements on leverage, cross trading, sales practices and risk management, among other areas.
From 25 March, VASPs will have six months to register with KoFIU, and must start report suspicious transactions. The travel rule will apply one year later.
The law expands consumer rights, raises penalties for breaches, and requires FIs to set up internal controls to protect consumers.
The foreign exchange position limit of insurance companies will be increased from 20 percent to 30 percent of the total adjusted capital.
The new rules prohibit investors from placing multiple orders for IPO subscription via multiple brokerages and improve Chinese wall regulations
Woori will compensate investors who lost money from funds managed by Lime Asset Management in line with FSS recommendations.
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