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Search results for Korea Financial Intelligence Unit

Crypto

FSS says digital asset integrated supervision framework to be set up, FIU cooperation to be strengthened

South Korea\'s financial authorities have incorporated an integrated supervision framework for the digital asset market into a government draft of the Digital Asset Basic Act. Financial Supervisory Service Governor Lee Chan-jin said the draft reflects joint oversight involving the Financial Services Commission, the FSS, the Korea Financial Intelligence Unit, and the Bank of Korea. Lawmakers also raised issues including anti-money laundering controls at won-based exchanges, alleged legal violations and unreported overseas transactions, and governance and executive accountability.

Finance

KB Financial generational shift puts bank CEO appointments in focus

A long-standing expectation of CEO reappointment in South Korea’s financial sector is being tested after KB Financial Group chose Lee Jae-geun as its next chairman instead of reappointing Yang Jong-hee. Attention is turning to Sh Suhyup Bank’s selection of its next chief executive, with a final candidate due on Sept. 22. Major bank CEO terms also end on Dec. 31, while the Financial Supervisory Service plans tighter checks of succession processes.

Games & Commerce

Naver-Dunamu merger hurdle eases as committee recommends amending enforcement decree

South Korea\'s Presidential Regulatory Reform Committee\'s growth subcommittee reviewed an enforcement decree revision to the Act on Reporting and Using Specified Financial Transaction Information on July 24 and recommended that the Financial Services Commission add an exception to fit-and-proper screening rules for major shareholders of virtual asset service providers. The recommendation could ease regulatory burdens raised during Naver\'s bid to acquire Dunamu. The revised law is set to take effect on Aug. 20.