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.
