The Broadcast Media and Telecommunications Commission, the Broadcast Media and Telecommunications Review Commission and the Financial Supervisory Service said they signed an agreement on June 19 at the Government Complex Gwacheon to eradicate illegal financial information and create a safe digital financial environment.

As online illegal financial acts and related information emerged as a social problem threatening the public’s assets, the three agencies built a cooperation system combining audit and investigation, review and blocking, and policy functions.

The agencies will support expansion and strengthening of self-regulation by internet platform companies, cooperate between agencies to upgrade systems for blocking illegal financial information, and work together on publicity to prevent harm from illegal private lending. They also plan to carry out preventive measures and step up joint enforcement cooperation to respond to illegal acts by finfluencers (finance + influencer) riding recent stock price gains and market volatility.

Kim Jong-cheol (김종철), chair of the Broadcast Media and Telecommunications Commission, said he hopes the agreement will help build a permanent communication and cooperation system to create a digital service environment that anyone can use with confidence and trust.

Ko Kwang-heon (고광헌), chair of the Broadcast Media and Telecommunications Review Commission, said he hopes the agreement will provide a foundation for people to use financial services in a safer digital environment and lead to tangible results that reduce harm caused by illegal financial information.

Lee Chan-jin (이찬진), head of the Financial Supervisory Service, said illegal financial information repeatedly appears in changing forms, and when combined with the online digital environment the volume of information and speed of dissemination increase sharply, leading to many victims.