Korea Federation of Banks chairman says the punishments imposed against executives whose banks sold Lime funds are seen by many as a way to shift blame.
FIs and VASPs can be penalised for failing to report and maintain records of suspicious transactions, and failures to properly manage customers’ transactions records.
The easier liquidity rules, introduced in April and extended in August, are now scheduled to end at the end of September.
Yoon Suk-heun, whose three-year term ends in two months, allegedly promoted certain officials who had been punished for hiring irregularities.
Non-holding financial groups deemed to have financial soundness problems will be required to draw up and submit business improvement plans.
The new STR filing system and the screening and analysis process have been made more efficient, while guaranteeing better system security and stability.
The policy plans include measures to promote digital insurance products and establish standards for online platform services, among other measures.
Individuals and businesses who have already received deferrals on loan and interest payments can re-apply for further extensions.
The FSC will work on measures to promote and facilitate the use of the new RFR, including by listing RFR futures by year-end.
The BOK has almost completed the design and technical study of its CBDC, but does not intend to rush into the pilot before undertaking legal and regulatory assessments.
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