Starting Monday, all financial institutions will be required to classify their customers as high or low risk and the Financial Intelligence Unit under the Financial Services Commission must be notified of daily transactions exceeding W20 million or over $10,000 by high-risk clients (US$1=W1,292).
The FIU must also be notified of the source of funds, purpose of transaction, employment information and wealth status. The measure is part of strengthened checks on customers in line with government efforts to stem the amassing of slush funds and to prevent money laundering.
Under a set of new standards prepared by the Korea Federation of Banks and other organizations, high-risk customers are those with at least W3 billion in financial assets in a single financial institution, persons either under 18 years of age or over 80 and foreigners from territories that are either deemed high-risk countries or tax havens.
Source: Chosun
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