Finance

FSS to introduce rules on PG firms reselling virtual accounts, effective July

South Korea's Financial Supervisory Service will introduce standards to directly regulate the overall resale of virtual accounts by payment gateway firms, aiming to prevent illegal acts involving such accounts. The rules cover merchant screening and follow-up management, pre-emptive blocking of suspected illegal transactions and anti-money laundering obligations, including CDD and STR. The standards will take effect on July 1 after a preparation period for system development.

Games & Commerce

Wemade ends Mir IP dispute with Kingnet, receives 43 billion won settlement

Wemade said on April 29 it has ended a dispute with China’s Kingnet over unpaid royalties related to the intellectual property of The Legend of Mir 2 through a settlement agreement. Wemade said it received about 43 billion won in settlement money from Kingnet. The company agreed to withdraw related arbitration and litigation procedures underway in South Korea, China and Singapore to reduce risks from a prolonged dispute and pursue its IP business stably.