The FSS told Shinhan Bank to strengthen its fraud detection system and Woori Bank to improve its post-sale management of fund products.
December 23, 2022South Korea’s corporate bond market is showing signs of recovery, prompting banks to resume bond issuance to replace maturing debt.
December 22, 2022ZA Bank will offer a “hassle-free service to users, without worrying about any foreign exchange markup, hidden charges and transfer progress."
November 24, 2022BOK tested the use of its CBDC system to purchase NFTs, perform cross-border remittances, fulfill seizure orders, and automate AML/CFT monitoring and STR filings.
November 8, 2022KRW 95 trillion will ultimately be channeled by 5 financial groups into corporate bonds, other debt securities, state firms, and small merchants and businesses.
November 2, 2022FSS investigations have so far involved 82 corporates and 12 banks. The total value of abnormal FX transactions discovered is now $7.2bn.
September 29, 2022Most of the funds involved in Woori and Shinhan's suspicious wire transfers came from five crypto exchanges and were not reported.
September 13, 2022The new disclosures are expected to push banks to increase the interest rates they pay on deposit products, and slow down the pace of interest rate hikes on loans.
August 24, 2022October inspections will focus on firms with high volumes of short selling transactions. Probe into crypto-related FX transactions still underway.
August 17, 2022Several banks have already exhausted their quotas and are no longer accepting new loan applications. The SBV has so far refrained from granting additional quotas.
August 15, 2022