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South Korea: Regulator to boost anti-money laundering efforts

By  |  April 7, 2015

South Korea’s financial regulator said Tuesday it plans to tighten its anti-money laundering checks into the nonbanking sector, joining growing global policy efforts to clamp down on the illegal activity.

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    Under the plan, the Financial Supervisory Service said it will focus its inspection on high-risk sectors, as well as expand inspections into non-banking financial institutions.

    Previous inspections had mainly been focused on banks, accounting for 65 percent of the 43 inspections conducted in the 2011-2014 period.

    An FSS official said the watchdog aims to raise the portion of inspections on insurers, securities firms and other non-bank institutions to over half of the total.

    As part of efforts to bolster its anti-money laundering policy, the watchdog doubled the number of staff in its related department last month.

     

    Full Content: Xinhuat

     

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