SIFIs will have 3 months after designation to submit recovery plans to regulators. The FSC will have the authority to demand action from a SIFI in line with its recovery plan.
February 21, 2021New legislation set to take effect in July will task the KDIC with helping users of mobile payment apps to retrieve funds that are transferred in error.
February 17, 2021Any misconduct detected during the probe will be referred to prosecutors and follow-up efforts will be made to protect investors. The probe is expected to continue until 2023.
July 21, 2020A new inter-agency team, led by the FSS, will be established by mid-July, and refer any illegalities detected to authorities for 'swift action' including prosection.
July 5, 2020The Korea Deposit Insurance Corp will upgrade its risk assessment and monitoring system in 2019 to protect against the credit risks of financial firms.
December 14, 2018