FSS and KOFIA Hold 'Asset Management Compliance Officer Workshop'

Guidance on Major Types of Illegal Activities Including Pursuit of Private Gain

High-rise buildings in Yeouido's financial district. Photo by Younghan Heo younghan@

The Financial Supervisory Service (FSS) announced on the 24th that it jointly held the '2024 Asset Management Compliance Officer Workshop' with the Korea Financial Investment Association.

The workshop, held at the Mayfield Hotel in Gangseo-gu, Seoul, was attended by FSS and association officials, compliance officers from over 250 asset management companies, and employees in related roles.

The FSS explained key illegal activities such as pursuit of private interests and simple, repetitive regulatory violations including breaches of reporting obligations, highlighting important points to note.

The asset management industry and the association presented best practices in internal control and compliance monitoring implications related to artificial intelligence (AI), agreeing on the necessity to prevent recurrence of illegal activities and strengthen internal controls.

The FSS and the association stated, "We plan to maintain close communication with the asset management industry going forward" and "We will continue efforts to protect investors and enhance trust in the capital market."

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