On Nov. 19, SK CB revised national treasury handling procedures.
SK CB revised National treasury handling procedures, to modify the criteria for evaluating national treasury agencies, create the basis for holding council meetings.
Plus, to clarify the procedures for contract renewal caused by guarantee limit changes.
Overview of Revisions
As per the designation of internet-only banks as national treasury agencies, their workload will be evaluated by institution rather than by national treasury agency.
For internet-only banks, five points will be deducted for delay in transmission of national treasury handling performance, two points higher than the other agencies.
Internet-only banks shall record transmission delays caused by system errors.
Raise the payment guarantee limit of financial institutions to KRW 1mn from KRW 10k, to prevent unnecessary renewal of contracts due to minor changes in the amount.
Specify the purpose and composition of the National Treasury Business Council.
Effectiveness
The revised procedures will be implemented from Jan. 1, 2025.
Regulators
SK CB
Entity Types
Bank
Reference
RF 11/19/2024
Functions
Compliance; Financial; Legal; Operations; Record Retention; Technology; Treasury
