Korea

Loan collateral can include movable assets such as intellectual property, claims on future sales, half-finished goods, machinery, inventory, raw materials and electronic appliances.

New York State Department of Financial Services to conduct inspections at South Korean bank branches for compliance with AML regulations.

Korea Federation of Banks has submitted a draft proposal to the FSC which includes written exams for candidates, document screening by external agencies and blind interview processes.

South Korea to soften cryptocurrency policy, apply FATF standards; central bank to release recommendations by end of June.

South Korean prosecutors have raided the country’s largest cryptocurrency exchange UPbit, seizing hard drives and accounting books; second largest exchange Bithumb also on FSC radar.

The FSS will carry out on-site inspections at 32 brokerages and Koscom, following dividend error which saw Samsung Securities issue $100bn in 'ghost stocks' last month.

Tighter regulations will apply to financial affiliates of five major conglomerates Samsung, Hyundai Motor, Hanwha, Lotte and DB, as well as affiliates of Kyobo Life Insurance and Mirae Asset Daewoo.

KRX launches new market surveillance system based on artificial intelligence; reduces time to secure data on suspicious transactions from 5 days to 1 hour.

FSC to dedicate committee of experts to assessing banking, insurance, securities licenses; aimed at boosting transparency, efficiency, lowering entry barriers.

Most Asian jurisdictions are behind on implementing counterparty credit risk measures, capital for CCP exposures as well as TLAC, IRRBB and LEX requirements.