Bank of Korea

AML / KYC

Korean Banks Halt Won Settlement as Iran Sanctions Waiver Expires

By Editors | 09/05/2019

Woori Bank and Industrial Bank of Korea have stopped offering won settlement services that have to date allowed over 2,000 local companies to bypass Iran trade restrictions.

Market Infrastructure

FSS to Relaunch Inspections of Financial Firms This Month

By Editors | 02/05/2019

The FSS will look into corporate governance, internal controls and consumer protection practices at KB Financial Group, KB Kookmin Bank and KB Securities, among others.

Capital / Liquidity

BOK, FSS Launch Joint Audit into Major Banks’ Lending Practices

By Editors | 17/04/2019

The focus of the joint audit will be on the small business lending practices at Shinhan Bank, KB Kookmin Bank, Woori Bank and KEB Hana Bank.

Securities / Derivatives

Bank of Korea to Entrust Foreign Reserves to Local Asset Managers

By Editors | 22/01/2019

South Korea’s central bank said it plans to entrust local asset managers with up to $300mn of its investments in developed markets.

Market Infrastructure

S. Korea Designates 11 Banks as Won-Yuan Liquidity Providers

By Editors | 01/01/2019

The banks selected by South Korea’s central bank include 6 domestic institutions and 5 foreign institutions with local branches.

Securities / Derivatives

S. Korea Scales Up Stabilisation Fund as Market Hits 22-Month Low

By Manesh Samtani | 30/10/2018

The 500 billion won fund will start investing in the KOSDAQ from November. Separately, market participants will establish an emergency monitoring system to better respond to instability.

Capital / Liquidity

S. Korea Credit Unions Toughen Mortgage Lending

By Editors | 22/07/2018

Credit unions will apply stricter lending calculations for home mortgages starting this week, as the government tries to rein in rapid growth in household debt.

Capital / Liquidity

S. Korea Banks Face Loan Rate Manipulation Probe

By Manesh Samtani | 25/06/2018

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

AML / KYC

S. Korean Banks’ AML Programmes Under US Regulatory Scrutiny

By JP Reimann | 23/05/2018

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