Events listed in Act on Corporate Governance of Financial Companies
Financial Company Executives to be Subject to Enhanced Internal Control Management ...
ID 26141
The FSC announced that „a revision bill of the Act on Corporate Governance of Financial Companies was passed by the National Assembly on 8 December 2023. The revision requires financial companies to assign a responsibilities map for each executive officer in his or her line of work and revamps the ways in which executive members’ internal control management duties are examined“. The **revision aims ...
KoFIU Announces Measures to Strengthen Responsibility and Professional Capacity in ...
ID 24304
The Korea Financial Intelligence Unit (KoFIU) has presented its plans to improve the AML responsibilities in financial institutions among professionals. The proposed measures ensure that AML officers‘ duties are transparent, performed effectively and responsibly. KoFIU proposes that the AML officers‘ employees‘ activities should be overseen. Additionally, the reporting officers‘ duties should be reviewed so that the responsibility is clearer and narrow ...
FSC Proposes Measures to Strengthen Internal Control of Financial Companies
ID 23833
The FSC (Financial Services Commission) has announced a plan to strengthen the internal control system within financial companies. The proposed measures are following: – each executive officer’s duties and responsibilities in a financial firms should be clearly outlined in order to raise awareness of these officers about their area of internal control – the CEO of the company is responsible for delivering the transparency ...