South Korea and Japan are set to resume their regular financial supervision meetings, or shuttle meetings, that had been suspended since 2017. Financial Services Commission (FSC) Chairman Kim Joo-hyun plans to visit Japan in early October to discuss expanding financial exchanges. This development co
Since its statistical tracking began in June 2012, foreign currency deposits in Japanese yen have seen their most significant upswing. This surge is attributed to the “YenTech” boom, where investors seek to gain exchange rate profits as the value of the yen rises.According to “Foreign Currency Depos
The Financial Supervisory Service (FSS) uncovered abnormal foreign currency remittances of more than 16 trillion won (US$12.2 billion) last year. The FSS is planning to sanction a total of 13 involved financial companies, including the top five commercial banks. The penalties are likely to include p
Woori Bank announced on Jan. 20 that Bank Woori Saudara is doing very well in Indonesia by successful localization and its 159 business networks include Indonesian companies as well as South Korean companies in Indonesia. Woori Bank has a 84.20 percent stake in Bank Woori Saudara.In 2021, Bank Woori
The Korea Customs Service announced on Nov. 6 that illegal foreign exchange transactions uncovered in the first three quarters of this year amount to 2.396 trillion won, whereas last year’s total is 1.3495 trillion won. “Of this year’s total, no less than 2.37 trillion won is illegal remittances and
People Power Party lawmaker Yoon Han-hong remarked on Oct. 11 that North Korean hackers sent 75 billion won to South Korean cryptocurrency exchanges.“It is likely that the money flowed back into the North after a surge in value,” he said, adding, “The abnormal overseas remittances the Financial Supe
Democratic Party of Korea lawmaker Han Byung-do remarked on Oct. 5 that domestic residents’ overseas remittances totaled US$744.51 billion in the first half of this year, up 16 percent year on year. The domestic residents consist of individuals, enterprises and the government and the remittances do
The Financial Supervisory Service (FSS) announced on Sept. 22 that the abnormal overseas remittances in the banking sector it has detected so far total US$7.22 billion. The amount was US$6.54 billion in its announcement last month. The FSS is planning to finish its inspection of 12 banks next month
The White House announced its Comprehensive Framework for Responsible Development of Digital Assets on Sept. 16. Its purpose is to block cryptocurrency use related to money laundering and terrorism and its targets include North Korea, which is trying to get foreign currencies by hacking under U.S. a
The Financial Supervisory Service is looking into trillions of won sent abroad through domestic banks from domestic cryptocurrency exchanges. According to industry sources, most of the 4.1 trillion won remittances through Woori and Shinhan Banks started at the five major exchanges, that is, Gopax, B
The Seoul Regional Customs announced on Aug. 30 that it has uncovered 2.0715 trillion won of cryptocurrency-related illegal foreign exchange transactions as a result of its inspection that started in February.“The transactions are likely to be related to arbitrage trading to take advantage of the so
The Financial Supervisory Service announced on Aug. 29 that overseas remittances through Hana Bank totaled US$399.81 billion in the first half of this year, followed by Woori Bank (US$344.03 billion), KB (US$122.83 billion), Shinhan (US$107.45 billion), SC (US$94.63 billion), IBK (US$66.06 billion)
The Financial Supervisory Service announced that suspicious cross-border remittances via South Korean banks are at least US$6.54 billion and most of the remittances were made from domestic cryptocurrency exchanges.“This fact implies that most of the remittances to China, Hong Kong, and so on via tra
The Financial Supervisory Service recently detected that more than 8.5 trillion won flowed out of 70 or so South Korean bank branches through suspicious foreign exchange transactions, including arbitrage cryptocurrency trading.“In most cases, the flow of money is from domestic cryptocurrency exchang
The Financial Supervisory Service (FSS) announced on Aug. 14 that suspicious international remittances that total US$3.39 billion were detected as a result of its recent inspections at Woori and Shinhan Banks.The FSS said a total of 23 companies have been found to be involved in the remittances from
The Financial Supervisory Service (FSS) announced on July 27 that it is investigating abnormal foreign exchange transactions in the domestic banking sector and the scale of the transactions amounts to 7 trillion won or so, including approximately 4 trillion won at Shinhan and Woori Banks.“Most of th
The Financial Supervisory Service, the Korea Customs Service, the prosecution and the police are looking into abnormal foreign exchange transactions at major banks.Their investigations are currently underway at Woori Bank and Shinhan Bank and the on-site investigations are targeting remittances to J
The Financial Supervisory Service recently investigated 1.3 trillion won and 800 billion won foreign exchange transactions at Shinhan and Woori Banks, respectively. According to the agency, the abnormal transactions were related to arbitrage cryptocurrency trading, and it sent the cases to the prose
Bithumb announced on Jan. 26 that customers can transfer virtual assets only to overseas exchanges that had passed an anti-money laundering risk assessment review. As of Jan. 26, exchanges that passed the review were Coinbase, Kraken, Coincheck, Bitflyer, Bybit, Gemini, Coinlist Pro, Phemex and BitB
Shinhan Bank announced on Nov. 30 that it has developed and verified stablecoin-based overseas remittance technology for the first time in the Korean financial sector.Stablecoins are cryptocurrencies pegged to a legal tender, such as the U.S. dollar or the Korean won, at the 1:1 ratio. They are a bl