SK FSC, SK FIU revised Business regulations on anti-money laundering and prohibition of public threat funding, to ensure professionalism, independence in AML operation.
Overview of Revisions
Clarify CEO, compliance, reporting officer are subject to supervision by the board of directors; the board of directors is in charge of supervising establishment/operation of internal control systems, approving improvement measures, ordering improvements.
CEO is responsible for establishing the internal control system, including preparing AML business guidelines, reporting to the board of directors, appointing a reporting officer.
A compliance officer shall supervise whether employees are compliant with AML business guidelines and undertakings of a reporting officer; a reporting officer shall regularly inspect the AML-related internal control system, report vulnerabilities to CEO.
Specify at least 2 years of relevant experience as qualification requirement for appointing reporting officers, minimum position requirement to ensure independence.
Effectiveness
The revised business regulations will be implemented six months from the date of this notice, on May 13, 2025; a grace period will be granted re qualification requirements.
Therefore, companies shall appoint qualified reporting officers by May 13, 2027.
In Mar. 2024, SK FSC, SK FIU issued Q&A re AML business regulations, see #248707.
