The FSC has annouced that the partial revision bill of the Enforcement Decree of the Banking Act was approved by the government.
This means that it is outlined when a bank needs authorization from the FSC in case it decides to „close down or transfers or acquires a ‚major part‘ of its business operation“. Major part means businesses that make up at least 10% of the bank’s total assets or operating profits. Additionally, the minimum amount has been set to KRW10 billion for loans and guarantees extended by an enterprise for reporting purposes. If the banks fail to report this, they are expected to be fined up to KRW30 million.
Other Features
banks
loan
penalties
reporting
Date Published: 2023-08-14
Date Taking Effect: 2023-09-22
Regulatory Framework: Banking Act
Regulatory Type: regulation
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