Geumjeongwon Conducts On-Site Inspections of 184 Electronic Finance and Loan Businesses... Casino Inspections Resume at 9 Locations

Geumjeongwon Announces This Year's Inspection Operation Direction
On-site Inspection of Inspection Consignment Agencies, Strengthening Competence in Consigned Inspection Tasks
Focus on Inspection of Self-Asset Operators and Establishment of Anti-Money Laundering System

[Asia Economy Reporter Kwangho Lee] The Financial Intelligence Unit (FIU) of the Financial Services Commission will conduct on-site inspections of electronic finance and loan businesses. Inspections of casino operators, which had been temporarily suspended due to COVID-19 closures, will also resume.

On the 16th, FIU announced this year's inspection operation direction based on these points.

First, on-site inspections will be conducted for a total of 184 companies, including 124 electronic finance companies and 60 loan businesses, two years after the imposition of anti-money laundering obligations.

Companies with lower internal control levels compared to their money laundering risk based on the number of users and transaction volume will be selected for inspection. Together with the Financial Supervisory Service, FIU plans to focus on verifying customer identification compliance, establishment of internal control systems, and the appropriateness of various reporting tasks.

Inspections of nine casino operators will also resume. However, inspections of casino operators located in Jeju Island have been entrusted to the Jeju Provincial Government. Targets will be selected based on past inspection records and sales, and inspections will be flexibly operated considering business restriction situations.

FIU will also focus on strengthening the capabilities of entrusted inspection agencies through on-site checks.

This year, FIU will select on-site inspection targets among the Central Associations of Mutual Finance, review the appropriateness of overall inspection tasks including inspection findings and action standards, target selection, and operation of inspection professionals, and recommend improvements where necessary.

For individual cooperatives and post offices, FIU will jointly participate in inspections for high-risk and vulnerable inspection targets after consultation with entrusted inspection agencies.

Additionally, efforts will be made to establish proper anti-money laundering systems for virtual asset service providers. FIU plans to check the status of anti-money laundering system establishment under the Act on Reporting and Using Specified Financial Transaction Information for registered businesses and focus on the actual operation of anti-money laundering for businesses under watch.

An FIU official stated, "We will steadily promote anti-money laundering inspections through further discussions with related agencies and concretization of inspection plans."

This content was produced with the assistance of AI translation services.