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South Korea to tighten financial transaction reporting rules

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South Korea to tighten financial transaction reporting rules

South Korea plans to tighten reporting rules on certain financial transactions as part of its efforts to uncover financial crime and money laundering activities, Yonhap News Agency reported June 3, citing the country's Financial Services Commission.

The government has proposed a bill to bring public enterprises and other government-affiliated institutions under the newly enhanced currency transaction reporting, the FSC said. Further, the definition of "one-off transaction" will be changed to a transaction by a customer that has not established a business relationship with a financial services provider.

The report did not provide any additional details about the proposed bill.