Press Releases - Financial Services Commission

Press Releases

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Jun 03, 2022

Accounting Review Process to be Made More Expeditious and Transparent

The FSC introduced a plan to bring about improvements to the accounting review process with aims to prevent the prolonging of the review process and to ensure the protection of the right to defense for businesses undergoing scrutiny during the review process by the Financial Supervisory Service (FSS). The period of the review process will be one year in principle with a six-month extension allowed upon approval from Governor of the FSS for unavoidable reasons. To guarantee the right to defense for businesses undergoing scrutiny, improvements will be made to the contents of the prior notification form and the period for which businesses can access the QA document will be extended. Background An accounting review (or inspection) examines whether a companys financial statement and audit report have been prepared properly according to the relevant accounting and auditing standards. It is a supervisory function that seeks to protect various stakeholders such as investors and to encourage sound business management activities as well. Accounting review is an important aspect to bringing about innovation in capital markets and improving investor trust.Transparency in capital markets begins with the accuracy and promptness in the accounting information being disclosed and accounting review as a supervisory mechanism induces accurate accounting practices by businesses through identification and correction of inappropriate accounting information. In addition, under the principle-based IFRS system that recognizes diversity in accounting practices, accounting review provides guidance for businesses in conducting their accounting practices. The government has continued to make efforts to bring about improvements to the accounting review system since the accounting reform.With an introduction of the financial statement review system, the processing time for minor violations has been reduced considerably.The adoption of an adversary procedure during the review processhas helped to
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May 11, 2022

Household Loans, April 2022

The outstanding balance of household loansin all financial sectors rose KRW1.3 trillion in April 2022 as the decreasing trend seen since the beginning of this year came to a halt but staying at a stable level overall.The financial authorities will continue to closely monitor trends in household loans in order to help maintain its growth pace at a stable level and to prevent it from posing risk to the economy. (Overall) The household loan balance in April 2022 (up KRW1.3 trillion) edged up for the first time this year in contrast to a considerable drop observed in the previous month (down KRW3.6 trillion). However, the growth rate (up 3.1%, y-o-y) shows a continuing slowdown from the second half of the previous year. (By Type) Mortgage-backed loans went up slightly while other types of loans fell at a considerably slower rate, pushing up the total balance of household loans. Mortgage-backed loans in April rose KRW2.8 trillion, growing at a slightly slower rate compared to the previous month (up KRW3.0 trillion).Other types of loans edged down KRW1.6 trillion, declining at a significantly slower rate compared to the previous month (down KRW6.5 trillion), but keeping the trend of a slowdown from the end of last year. (By Sector) The balance of household loans edged up from the previous month in most sectors but the mutual finance sector (down KRW1.0 trillion) stayed on a downward trend due to a drop in non-mortgage types of loans. - (Banking Sector) The banking sector saw an overall increase of KRW1.2 trillion. Mortgage loans from banks rose KRW2.1 trillion, growing at a similar rate compared to the previous month (up KRW2.1 trillion).Other types of loans fell at a slower rate compared to a month ago (down KRW3.1 trillion), edging down KRW0.9 trillion as credit loans went down KRW0.5 trillion. -(Non-Banking Sector) In the non-banking sector, the household loan balance increased KRW0.1 trillion. Insurance companies (up KRW0.2 trillion), savings banks (up KRW0.3 trillion
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Apr 13, 2022

Household Loans, March 2022

The outstanding balance of household loansacross all financial sectors fell KRW3.6 trillion at the end of March 2022, continuing to show a steady decline as the pace of slowdown has picked up compared to the previous month (down KRW0.3 trillion).The balance of household loans in March grew 4.7 percent from a year ago, steadily declining from the second half of the previous year. By type, mortgage-backed loans in March increased KRW3.0 trillion,growing at a slightly faster rate compared to the previous month (up KRW2.6 trillion) but continuing to maintain the pace of a slowdown since the second half of the previous year. Other types of loans including unsecured loans fell KRW6.6 trillionled by the banking and mutual finance sectors, showing an accelerated pace of slowdown from the end of the previous year. By sector, the balance of household loans dropped KRW1.0 trillion in the banking sector as mortgage-backed loans went up KRW2.1 trillionbut other types of loans including credit-based loans fell KRW3.1 trillion.The nonbank sector saw a drop of KRW2.6 trillion, showing an accelerated rate of slowdown compared to the previous month (down KRW0.1 trillion) led by the mutual finance sectors. The trends in household loans continue to be on a stable path as the balance of household loans declined KRW3.6 trillion in March 2022 and fell considerably from the previous month. Although mortgage-backed loans increased KRW3.0 trillion, other types of loans including unsecured loans dropped significantly (down KRW6.5 trillion) due to increases in borrowing rates, an expanded application of the debt service ratio (DSR) rule on individual borrowers and a slowdown in housing transactions,leading to an expansion in the pace of slowdown in aggregate terms. The financial authorities will continue to closely monitor trends in household loans in order to help maintain its growth pace at a stable level. * Please refer to the attached PDF for details.
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Mar 10, 2022

Household Loans, February 2022

The outstanding balance of household loansacross all financial sectors dropped KRW0.2 trillion from the previous month at the end of February 2022 (up 5.6% y-o-y), showing a continuous slowdown from the second half of 2021. Both the banking and nonbanking sectors saw the balance of loans falling KRW0.1 trillion each in the household sector. * All financial sectors (y-o-y): +8.6% (Oct 2021)+7.7% (Nov)+7.1% (Dec)+6.3% (Jan 2022)+5.6% (Feb) By type, mortgage loans rose KRW2.6 trillion in February, showing a steady decline in the pace of the growth compared to the previous month (up KRW2.9 trillion). Other types of loans including credit loans fell KRW2.9 trillion,declining steadily since December 2021. In the banking sector, mortgage loans rose KRW1.8 trillion but other types of loans including credit loans fell KRW1.9 trillion. The balance of household loans in February shows a steady decline from the previous month. Mortgage loan is growing at a slower rate and credit loan has fallen continuously due to the household debt control measures put in place and a drop in housing transactions. The financial authorities will continue to make efforts to stably manage the growth of household debt. * Please refer to the attached PDF for details.
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Feb 22, 2022

11th Korea-Denmark Green Growth Alliance Meeting Discusses Role of Finance for Carbon Neutrality

The FSC announced that the 11th Korea-Denmark Green Growth Alliance Meeting was held in Seoul on February 22 where government officials, financial institutions and other private sector participants from both countries discussed the role of finance in seeking carbon neutrality.Todays meeting was the first such event between the two countries since the bilateral summit held on the sideline of the 2021 P4G Seoul Summit. FSC Chairman Koh Seungbeom delivered welcoming remarks at the beginning of the event emphasizing the critical role of financial sectors in responding to the climate crisis. In this regard, Chairman Koh said that the Korean government plans to continue to expand support for carbon neutrality and gradually mandate disclosure of sustainable management reports. In order to ensure stability in the financial system and preemptively tackle climate risks that may arise from the process of seeking carbon neutrality, Chairman Koh stated that the Korean authorities are planning to introduce climate stress tests and will help establish a climate risk management system in the financial sector. The meeting consisted of four discussion sessions including (a) how governments can unlock private investments in climate solutions, (b) financial potential in de-carbonizing the hard-to-decarbonize sectors, (c) attracting investors to clean energy projects (lessons learned) and (d) ways to contribute to carbon neutrality in the financial sector. As it was the first time the two countries held a meeting after their relationship was elevated last year to a comprehensive green strategic partnership, it is expected that Koreas bilateral cooperation with Denmark will be strengthened in the climate change and environment sectors. * Please refer to the attached PDF for details.
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Feb 15, 2022

Government Appoints KIC Chief as Honorary Ambassador for Financial Cooperation

The government announced the appointment of Jin Seung-ho, chairman and CEO of the Korea Investment Corporation, as the countrys honorary ambassador for financial cooperation on February 15. The honorary ambassador for financial cooperation will help promote Koreas financial markets to foreign investors and work to draw overseas financial companies to establish businesses here in Korea according to the 5th three-year plan for Koreas financial hub policy announced by the FSC in May 2020. Mr. Jin Seung-ho is an expert in international finance and has previously served in key positions at the Ministry of Economy and Finance. The new honorary ambassadors one-year term will begin after an official approval from the President. * Please refer to the attached PDF for details.
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Feb 10, 2022

Household Loans, January 2022

The outstanding balance of household loans fell KRW0.7 trillion across all financial sectors at the end of January 2022 (up 6.3% y-o-y),showing a continued slowdown in the growth rate. The household loan balance dropped KRW0.4 trillion in the banking sector and KRW0.3 trillion in the nonbanking sector. All financial sectors (y-o-y): +9.2% (Sep 2021) +8.6% (Oct) +7.7% (Nov) +7.1% (Dec) +6.3% (Jan 2022) By type, mortgage loans rose KRW2.9 trillion in January, rising slightly more than the previous month (up KRW2.6 trillion) but staying at a stable level. Other types of loans including credit loans fell KRW3.6 trillion, showing a steady decline from the previous month (down KRW2.4 trillion), due to seasonal factors and the expanded application of the debt service ratio (DSR) rules on individual borrowers. The financial authorities will continue to work for stable management of the household debt growth in 2022 while seeking measures to improve the qualitative structure of household debt. * Please refer to the attached PDF for details.
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Jan 19, 2022

FSC Holds Kick-off Meeting for Making Indemnity Health Insurance More Sustainable

The FSC held a kick-off meeting of the public-private joint consultative body for making improvements to the indemnity health insurance system on January 19. The consultative body made up of officials from the relevant government and regulatory agencies, research institution and industry groups was established to refine the complementary function of indemnity health insurance offered by the private sector and guarantee its sustainability alongside the state-operated National Health Insurance (NHI) program. At the kick-off meeting, officials discussed the following issues and areas where improvements can be made. a) Sustainability issue related to the insurance premium hikes and cost burdens on the insured, excessive medical treatments and nonessential hospital visits, etc. b) Convenience issue related to the complicated offline insurance claims process c) Complementariness issue concerning the relationship with the state-operated NHI system particularly in the area of out-of-pocket expenses (copayments) d) Transition issue as the indemnity health insurance 4.0 became available from July 2021 Starting from the end of January, the FSC will set up working level groups with industry officials and experts to discuss and look into detailed areas where improvements can be made to the indemnity health insurance system. The FSC will continue to closely coordinate with the relevant ministries to help reduce costs for insurance and medical services. * Please refer to the attache PDF for details.
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Jan 14, 2022

FSC Chairman Meets with Private Thinktank Officials to Discuss Policy Issues

FSC Chairman Koh Seungbeom met with the heads of private thinktanks on January 14 and held talks on financial market conditions, industry forecasts and relevant policy issues. At the meeting, thinktank officials suggested ideas on (a) facilitating digital transformation and boosting competitiveness in the financial industry, (b) fostering an environment for fair competition between financial institutions and big tech businesses, (c) promoting capital markets while guaranteeing investor protections, (d) providing support for preemptive risk management by financial companies and (e) introducing new ways to deliver financial services in line with the changing socioeconomic and market conditions, such as the rise of gig workers and financial companies moves to carbon net zero management. Chairman Koh stated that the financial authorities will take their suggestions into account when implementing various policies in 2022 and pledged to pursue the following measures(a) upgrading relevant regulations to allow expansion of business areas for financial companies in line with shifting conditions in financial markets while promoting digital transformation and more platform-based services, (b) applying the principle of same rules for same services when dealing with the relationship between big tech businesses and financial companies, (c) seeking innovative ways to promote capital markets while ensuring investor safeguards, (d) encouraging prudent management and strengthening soundness of financial institutions in different sectors and (e) promoting alternative methods of evaluating credit using non-financial data and pursuing policies related to climate change and carbon net zero goals. * Please refer to the attached PDF for details.
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Jan 13, 2022

Household Loans, December 2021

The outstanding balance of household loans in all financial sectors rose KRW0.2 trillionfrom the previous month at the end of December 2021, showing a significant decline in the growth rate. The household loan balance dropped KRW0.2 trillion in the banking sector while rising KRW0.4 trillion in the non-banking sector. The grow rate across all financial sectors in 2021 was 7.1 percent, a slowdown from 8.0 percent in the previous year. Household Loans (in trillion won): 8.6 (Aug 2021) 7.8 (Sep) 6.1 (Oct) 5.9 (Nov) 0.2 (Dec) By type, mortgage loans rose KRW2.6 trillion in December, declining from KRW3.9 trillion in the previous month due to a slowdown in housing transactions. Other types of loans including credit loans fell KRW2.4 trillion with the end of the year effect. The accelerated growth rate in household loans over the past two years amid the pandemic appears to have entered a stable path with the overall growth rate standing at 7.1 percent in 2021. The financial authorities will continue to work on various measures to contain the household debt growth to ensure effective risk management while allowing a continuation of credit extension to the financially vulnerable groups. * Please refer to the attached PDF for details.
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Dec 23, 2021

FSC Plans to Adjust Card Processing Fee Rates

The FSC announced a plan to adjust card processing fee rates on December 23 with an aim to ease fee burdens on small merchants and self-employed business owners. The rate adjustments for both credit and debit card processing fees are designed in a way to ensure that businesses with lower earnings will receive larger reductions in fee rates as shown below. Changes in Credit Card Processing Fee Rates* *Rate changes for debit card processing fees are shown in parentheses. a) For businesses with annual sales of up to KRW300 million, the fee rate will be lowered 0.3 (0.25) percentage points from 0.8 (0.5) percent to 0.5 (0.25) percent. b) For businesses with annual sales of more than KRW300 million and up to KRW500 million, the fee rate will be lowered 0.2 (0.15) percentage points from 1.3 (1.0) percent to 1.1 (0.85) percent. c) For businesses with annual sales of more than KRW500 million and up to KRW1 billion, the fee rate will be lowered 0.15 (0.10) percentage points from 1.4 (1.1) percent to 1.25 (1.0) percent. d) For businesses with annual sales of more than KRW1 billion and up to KRW3 billion, the fee rate will be lowered 0.1 (0.05) percentage points from 1.6 (1.3) percent to 1.5 (1.25) percent. Pursuant to the revision of the Specialized Credit Finance Business Act in 2012, the authorities are required to make adjustments to the card processing fee rate every three years based on a reassessment of total eligible expenses. The authorities expect that the fee rate adjustment scheme drawn up for 2022 will help reduce fee burdens of about KRW470 billion on businesses. It is expected that about 60 percent of benefits from the cut will be directed toward businesses with earnings of up to KRW300 million per year. Some 30 percent will be given to those in the KRW300 million to KRW1 billion range with the rest of the benefit going to the businesses in the KRW1 billion to KRW3 billion range. In order to help boost the competitiveness of the card industry, the authorities wi
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Dec 08, 2021

Household Loans, November 2021

The outstanding balance of loans to households in all financial sectors increased KRW5.9 trillion at the end of November 2021 (up 7.7% y-o-y).The balance of household loans rose KRW2.9 trillion each in the banking and non-banking sectors, showing an overall decline from the previous month. All financial sectors (y-o-y): +10.0% (Jul) +9.5% (Aug) +9.2% (Sep) +8.6% (Oct) +7.7% (Nov) By type, mortgage loans went up KRW3.9 trillion in November, growing at a slower rate compared with the previous month (up KRW5.2 trillion) due to a continuous fall in housing transactions. Other types of loans including credit loans grew at a faster rate (up KRW2.0 trillion) compared with the previous month (up KRW0.9 trillion) due to an increased demand for IPO subscriptions in the last week of November. The growth of household loan balance has been steadily declining with the rise in credit loans also at a stable level. The financial authorities will continue to work on effective implementation of the household debt management measures introduced in October. * Please refer to the attached PDF for details.
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Nov 29, 2021

FSC and BOK Launch Mobile App Providing Detailed Information on Bank Branches and ATM Locations

The FSC and the Bank of Korea announced that a new mobile application (www.accountinfo.or.kr) providing detailed information about bank branches and ATM locations will go into service from November 29. The new mobile application integrates data and provides regularly updated branch information about banks, deposit taking nonbanks, such as Korea Post, savings banks and mutual finance companies, as well as securities firms. The information provided include operating hours, contact information, list of services available at a branch, service fees, language services offered and the availability of assistance for persons with disabilities. The mobile application also offers an ATM locator service which will help consumers find an ATM near them anywhere in the country and find out about the list of services available at a particular ATM and information on fees. With an automatic daily update of the database, information provided on the mobile application will be kept up to date with a high degree of accuracy. The establishment of an integrated database on branch information will also help the financial sector with a more effective management and operation of their branch offices, ATMs, etc. The authorities expect to see an increase in accessibility to financial services and much improvements in consumer convenience. The FSC and the Bank of Korea will continue to work with the financial sector in helping to strengthen financial inclusion. * Please refer to the attached PDF for details.
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Nov 24, 2021

FSC Revokes Business License of Optimus Asset Management

The FSC decided to issue a revocation of business license on Optimus Asset Management along with other penalty measures imposed on its employees at the 21st regular meeting held on November 24. Pursuant to the Financial Investment Services and Capital Markets Act, the FSC decided to revoke Optimus Asset Managements business license (effective immediately) for numerous counts of violations and inappropriate fund management activities linked to the large-scale redemption freeze causing massive investor damages in 2020. The FSC also decided to impose a fine of KRW114.4 million on Optimus Asset Management and order removal of key board members. The FSC also ordered a transfer of 43 funds in total that are currently managed by Optimus Asset Management to a new fund management companyRecovery Asset Managementthat has been set up by collective efforts of fund sellers. The FSC has designated the Korea Deposit Insurance Corporation to oversee Optimus Asset Managements liquidation process. The authorities will closely monitor the liquidation process and work on effective supervision to ensure that the transferred funds are properly managed by the newly appointed fund management company according to relevant laws. * Please refer to the attached PDF for details.
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Nov 23, 2021

KoFIU Holds International Conference Commemorating 20th Anniversary

The Korea Financial Intelligence Unit (KoFIU) hosted an international conference commemorating the 20th anniversary of its establishment on November 23.The conference was held to promote discussion on virtual asset and other important issues related to the anti-money laundering (AML) regime and foster strong international cooperation in this area. KoFIU Commissioner Kim Jeong-kag delivered a keynote address highlighting the importance of digital transformation and the critical role of the AML/CFT regime for building trust in the financial system. More specifically, Commissioner Kim discussed the need to make use of suptech in the AML/CFT regime and said that the emergence of new technologies and digital financial services makes it necessary for international organizations, regulatory authorities and financial institutions to work for closer cooperation and mutual understanding. On the recently revised Financial Action Task Force (FATF) recommendations on virtual assets and VASPs, Commissioner Kim said that the KoFIU will continue to work on regulatory improvements to ensure that the so-called travel rule for virtual assets and VASPs in Korea reflects global standards set forth by the FATF. The conference consisted of two sessions(a) virtual assets and the AML duties of virtual asset service providers and (b) digital transformation of the AML/CFT regime. Each session featured expert presentations followed by a panel discussion. Some of the notable participants to the venue included FATF president Marcus Pleyer and Thailands Anti-Money Laundering Office chief Piyapun Pingmuang. Officials from foreign FIUs also participated in the conference virtually. * Please refer to the attached PDF for details.
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Nov 22, 2021

FSC Announces Competitive Auction Result of KDIC's Stakes in Woori Financial Group

The FSC announced the result of the competitive auction of 9.3 percent of shares in Woori Financial Group held by the Korea Deposit Insurance Corporation on November 22. The Public Fund Oversight Committee has selected five winning bidders with bidding prices from all bidders exceeding KRW13,000 per share which is higher than the share price (KRW10,800) at the time the auction plan was unveiled on September 9. The five successful bidders are Eugene Private Equity (4%), KTB Asset Management (2.3%), Align Partners Consortium (1%), Dunamu (1%) and Woori Financial Groups employee stock ownership association (1%) with Eugene Private Equity earning the right to appoint an outside board member. With successful result of the auction, the KDIC will no longer be the largest shareholder of WFG and the governments goal of privatization of WFG has been accomplished in this round of auction some 23 years after the injection of public funds for bailout in 1998. The KDICs right to appoint a non-standing board member will expire when the current incumbents term ends in March 2022. The successful bidding result from this round will help recover KRW897.7 billion in public funds injected as bailout, with about KRW12.3 trillion out of the total KRW12.8 trillionor some 96.6 percentbeing recovered. A hundred percent recovery will be made possible if the KDICs holding of the remaining 5.8 percent stakes in WFG are sold at or above KRW10,193. It is expected that the KDIC will complete the share transfer process by December 9. The Public Fund Oversight Committee will work to promptly complete the sale of KDICs remaining shares in WFG at an appropriate time in the future. * Please refer to the attached PDF for details.
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Nov 10, 2021

Korean Translation of SASB Standards Made Available to Facilitate Sustainability Disclosures

The FSC announced that the authorities made available the Korean translated versions of the SASB (Sustainability Accounting Standards Board) standards to help facilitate businesses in adopting and complying with the sustainability disclosure rules. The International Financial Reporting Standards (IFRS) Foundation has recently created a new standard-setting bodythe International Sustainability Standards Board (ISSB)to offer global standards on sustainability disclosures. With the announcement of the plan to improve corporate disclosure rules in January 2021,the FSC unveiled plans to gradually expand the environmental, social and governance (ESG) disclosure requirements to all KOSPI-listed companies by 2030. Currently, some 130 Korean businesses are filing sustainability reports on a voluntary basis using various standards and recommendations offered by the Global Reporting Initiative (GRI), Task Force on Climate-related Financial Disclosures (TCFD) or SASB. As it is widely expected that the newly created ISSB will develop global sustainability disclosure standards (expected in Q2 2022) based on the SASB standards (in particular, industry-specific standards sorted by sector), the authorities made available the Korean translated versionsof the SASB standards to help businesses prepare in advance. With an enhanced understanding of the SASB standards, the authorities expect that businesses will face less difficulties in preparing their sustainability reports. A wider usage of the SASB standards by companies will help increase consistency in sustainability reporting practices which will also help provide useful information to investors. The authorities will continue to promote ESG disclosure and help businesses prepare for global standards. *Please refer to the attached PDF for details.
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Nov 10, 2021

Household Loans, October 2021

The outstanding balance of loans to households increased KRW6.1 trillion in all financial sectors at the end of October 2021 (up 8.6% y-o-y).The balance of household loans increased KRW5.2 trillion in the banking sector and KRW0.9 trillion in the non-banking sector, showing a steady decline in the growth rate. All financial sectors (y-o-y): +10.0% (Jul) +9.5% (Aug) +9.2% (Sep) +8.6% (Oct) By type, mortgage loans went up KRW5.3 trillion in October, growing at a slower rate compared with the previous month (up KRW6.7 trillion) as the volume of housing transactions dropped. Other types of loans including credit loans grew at a slower rate (up KRW0.8 trillion) compared with the previous month (up KRW1.2 trillion). The growth of household loan balance has been steadily declining since July 2021. The financial authorities will continue to work for the seamless implementation of the household debt management measures announced in October. *Please refer to the attached PDF for details.
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Oct 28, 2021

FSC Chairman Pledges Support for Digital Transformation of Banking Industry

FSC Chairman Koh Seungbeom met with the heads of major banks and industry group leaders in the banking sector on October 28 and held talks on ways to promote the banking industrys growth in the future. Chairmans Remarks With digital transformation taking place throughout the economy, the financial industry and banks are experiencing major changesincreased financial transactions through mobile and other contactless channels, unbundling and re-bundling of various financial services, financial services being offered through platforms, etc. Amid these changes taking place, it is necessary to think about the future of bank and ways to boost the competitiveness of the banking industry. To help foster the banking industrys advancement in the future, it is important to focus on the following three factors(a) digital transformation, (b) innovative business model and (c) fair competition. The FSC will work to provide active support for the industry in these areas. First, the authorities will work to create an environment where the idea of digital universal bank becomes possible through an integrated mobile app that offers a wide-array of financial services ranging from banking to insurance to stock trading, etc. The authorities will also look into ways to facilitate data sharing between financial and non-financial data and provide active support for banks making investments in new digital business areas. Second, the authorities will help facilitate banks to innovate their business models by allowing them to expand business areas into the comprehensive asset management sector and open up their investment advisory activities beyond the currently permitted real estate sector. Third, the authorities will continue to seek ways to foster a level playing field to promote financial innovation rooted in fair competition. Promoting advancement of the financial industry is a key task alongside maintaining stability in the financial system. The FSC will continue to closely communicate wi
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Oct 27, 2021

FSC Orders Citibank Korea to Take Measures to Minimize Damage to Consumers

The FSC decided to order Citibank Korea to take specific measures to ensure consumer protection and maintain order as the bank announced its plan to gradually phase out retail banking services. Under the Financial Consumer Protection Act, the FSC has the authority to order financial institutions such as banks to take measures when it is considered as necessary to protect consumer rights and maintian sound market order. The FSC decided to issue an official order to Citibank Korea as it is deemed to be highly likely that the banks move to close out its retail banking services will generate inconvenience and damage to consumers. The following are some of the key details of the order. a) Citibank Korea should draw up a detailed plan to minimize inconvenience to consumers, protect consumer rights and maintain sound market order and implement the plan faithfully in the process of its retail banking closure in Korea. b) Before the closure process begins, Citibank Korea should submit a specific plan to the Financial Supervisory Service, detailing basic principles on user protection, measures for user protection by product and service type, operational plan for sales channels, measures to ensure consumer data privacy and other measures regarding organizational, human resources, internal control, etc. The FSS will review the submitted plan and report to the FSC. The FSS will closely monitor Citibanks implementation status and report to the FSC if deemed necessary. *Please refer to the attached PDF for details.
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