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Finance

Policy finance unit subsidiaries to be consolidated; relocation of financial public institutions remains variable

South Korea plans to consolidate facility and customer management subsidiaries scattered across policy finance institutions into function-based entities, under a broader push to reform public-sector functions. Five facility management firms will be merged into a tentatively named Policy Finance FMC, while two customer management firms will be integrated as Policy Finance CS. The government also plans mergers of certain subsidiaries into parent institutions. Separately, it will review criteria for keeping public bodies in the capital region as it prepares a second relocation plan to be finalised in the fourth quarter.

Finance

Financial regulators block 66.36 billion won in voice phishing losses, step up crackdown on mule accounts

South Korea\'s financial authorities said they prevented 66.36 billion won in losses over nine months by sharing suspected voice phishing information and will also move to eradicate mule accounts. The Financial Services Commission discussed the status of the ASAP AI platform with police, the tax agency, watchdogs, security bodies and major banks. Data sharing via ASAP has expanded to telecom firms and investigative agencies under a revised law.

Telecommunications & Media

Inter-agency task force launched to tackle AI-related crime; 10 agencies join

A South Korean inter-agency consultative body has officially launched to respond to crimes abusing AI, including deepfake sexual exploitation, false or unfair AI advertising and AI financial fraud. The Korea Communications Commission said it held a kickoff meeting on June 26 to discuss a comprehensive plan to eradicate AI crime and measures to build an integrated response system. Ten agencies are participating, including the science ministry, justice ministry, financial regulator, police and others.