The FSS determined that around $223mn was embezzled by a bank employee, more than five times the amount initially reported.
September 22, 2023Chee Tak Securities had no written manuals, policies and procedures on recording order instructions, ongoing monitoring, trade surveillance or employee dealing.
September 19, 2023Two Fubon employees and one Prudential employee mirrored the trades of the funds they were managing, using third-party accounts.
September 13, 2023FSS deputy governor Kim Jung-tae asked compliance officers from 23 foreign securities firms to help eradicate naked short selling from the market.
September 8, 2023The FSS said management awareness of AML work within electronic financial businesses is low; internal controls and risk assessments are deficient.
September 6, 2023Cathay Securities and Cathay Futures failed to perform capacity tests and application system stress testing operations, the FSC said.
September 4, 2023Three ESG rating agencies have adopted the guidelines, and launched a new self-regulatory body for Korea's ESG evaluation market.
September 1, 2023The FSC is working directly with lawmakers to fast-track a bill that would allow it to punish bank CEOs for embezzlement and other crimes that occur under their watch.
August 14, 2023The rules implement "differentiated regulatory requirements" based on an institution's development strategy, business scale, complexity, and risk status.
August 2, 2023The firms erroneously recorded margin trading transactions. One firm also did not properly document reasons for client-directed order amendments.
August 2, 2023