Korea’s financial regulator is calling on Korean financial institutions to stay abreast of the fast-evolving global regulatory landscape and to strengthen their risk management capabilities.
The Financial Supervisory Service (FSS) said Lee Sehoon, its senior deputy governor, told participants at a roundtable hosted by the regulator this week that financial authorities in the US and Southeast Asian countries have bolstered oversight of information technology systems and anti-money laundering measures and imposed stricter sanctions.
He said many Korean companies operate in these jurisdictions and urged financial firms to stay vigilant on regulatory developments and to respond with proactive strategies, according to an FSS statement released on June 10, when the roundtable was held to discuss strategies to help Korean financial companies expand abroad.
“The financial companies need to improve the quality of their overseas business strategies and emphasise the need to strengthen risk management capabilities to respond to global financial uncertainties, including interest rate and exchange [rate] volatility as well as prolonged geopolitical risks,” Lee said.
