South Korea\'s financial regulators plan to curb the practice of financial companies repeatedly extending the statute of limitations on overdue loans while continuing collection efforts after receiving tax benefits. Under revised rules, firms will need to let the statute of limitations run its course when it first comes due to have personal overdue loans recognised as losses. The changes also tighten requirements for selling such debts, introduce reporting and disclosure systems, and revise related guidelines and supervision rules.

KakaoBank said on Monday it has launched a “hidden account finder” service that allows users to check and organize accounts scattered across multiple financial companies. The service lets users view accounts opened at 26 financial firms, including banks and mutual finance institutions, from within the KakaoBank app. Users can identify inactive accounts, select accounts to close and have remaining balances deposited into an account in their name or donated.