South Korea: New money laundering rules set


July 08,2016

Lawyers, accountants, real estate agents and jewelry sellers will have to keep records of large financial transactions starting in 2018 as part of the government’s efforts to comply with international standards to combat money laundering.  The Financial Services Commission said Thursday that those categories of non-financial businesses will need to maintain records of financial transactions and report when they see suspicious transactions.

Currently, only financial institutions and casinos are required to do so. Mandating that those non-financial professionals keep track of financial transactions is part of five tasks set by the FSC to fulfill international standards on the prevention of money laundering, which were adopted at the general meetings of the Financial Action Task Force (FATF) in Busan last month.