1. Reasons for Amendment
This Amendment reinforces roles and responsibilities to ensure anti-money laundering activities are conducted with accountability and professionalism.
2. Major Provisions
The Amendment modifies the roles and responsibilities of the board of directors, management, reporting officer, etc. and newly inserts qualification requirements/positions for reporting officers.
1. Enactment/amendment and abolition of procedures and operational guidelines under Article 5 (1) 2 of the Act (hereinafter “operational guidelines”).
2. Review and approval of independent audit findings and follow-up.
3. Requests made to a chief executive officer, compliance officer pursuant to the Act on Corporate Governance of Financial Companies (hereinafter the “Financial Company Corporate Governance Act”) or a compliance officer pursuant to the Commercial Act (these compliance officers shall be collectively referred to as “compliance officers, etc.” hereinafter), reporting officer, etc. for reports on the establishment and operation of an internal control system [for financial companies, etc. with affiliates (meaning affiliates pursuant to subparagraph 12 of Article 2 of the Monopoly Regulation and Fair Trade Act; the same shall apply hereinafter) and subsidiary companies (meaning subsidiary companies pursuant to Article 342-2 of the Commercial Act; the same shall apply hereinafter), this means an internal control system that includes the affiliates and subsidiary companies], instructions for improvement of weaknesses, review and approval of improvement measures for weaknesses.