8th Anti Money Laundering Day

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November 28 was the 8th anniversary of “Anti Money Laundering Day” which also is the foundation day of the Financial Intelligence Unit (FIU), a FSC-affiliated authority responsible for the prevention of money laundering and terrorist financing.

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Since the establishment, the day was celebrated every year since 2007 to raise people’s awareness and interest on combating money laundering. This year, a commemoration event was held with the presence of more than 220 figures from the financial authorities, institutions, and academic circle.

“Thanks to outstanding IT infrastructure, we could successfully implement necessary systems for fighting money laundering and we are providing assistance to developing nations to do the same. Such efforts are awarded by being appointed as the chair country of the FATF beginning from next year” FSC Chairman Shin Je-Yoon said during his congratulatory speech praising everyone’s hard work and dedication. He also raised necessity for strengthening and expanding the range of supervision to the non-banking sector as well to effectively respond to evolving money laundering cries.

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Kyongnam Bank received a presidential award for its excellent contribution in prevention of money laundering. Meritz Fire & Marine Insurance was awarded Prime Minister’s commendation, and 30 employees of Shinhan and Korea Exchange Bank was granted FSC Chairman’s award.

‘Council for IT-Finance Convergence’ established

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Council for IT-Finance Convergence kicked off on November 10 to speed up the process of providing advanced financial services by converging internet technology and finance.

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The council is chaired by Director General of FSC’s Banking & Insurance Bureau and FSS’s Chief Officer for IT and Financial Data Protection. The council is comprised of 20 experts from 16 institutions of bank, asset management and credit card companies, electronic financial service, IT, and data protection industries.

In the first meeting on Monday, the members agreed to improve the current rules and regulations, select and concentrate on specific financial services that have potential to create huge synergy, and strengthen consumer data protection measures.

The council will meet regularly once in every two weeks to discuss ways to achieve shared growth between IT and financial sector and create new service industry by effectively converging the two.

Gyeong-gi & Incheon Microfinance Service Center Launched

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Gyeong-gi & Incheon Microfinance Service Center was launched on November 10, Monday. The center is the first of its kind to be opened in Korea after the announcement of the government’s plan to establish provincial microfinance network to provide better financial service to the consumers.

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Unlike the current microfinance call centers, Microfinance Service Center provides one-stop services from financial advices to credit assessment and apply for loans on a single visit. Employees from Smile Microcredit Bank, Crecie Counselling & Recoversy Service, Korea Asset Management Corporation and Korea Investment Savings Bank will be dispatched to the center to provide more efficient services.

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FSC Vice Chairman Jeong Chan-woo during the opening ceremony mentioned that the establishment of Microfinance Service Center laid a foundation for the improvement of livelihood of the ordinary people in Gyeong-gi province and Incheon area. At the same time, mayor Kim Man-soo of Bucheon city promised unsparing support for further development of the center.

FSC autumn sports day

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9 a.m., November 1, Hanwha Life Insurance Training Institute located in Yong-in was crowded with excited FSC employees overwhelmed by the huge event ahead of them just about to kick off. They were all dressed in sports wears and uniforms of their designated teams. All FSC employees gathered at one place to cheer up and take some time to get recharged on a beautiful autumn day.

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Men and women of the FSC assembled by the team they belong in the indoor stadium. Hot stew and snacks were served before the beginning to warm the everyone’s stomach. After short warm up exercises, the main events kicked off with Chairman Shin Je-Yoon and Vice Chairman Jeong Chan-woo’s brief thank you speech to the employees.

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FSC employees were divided into 6 teams according to bureaus and divisions. Each team competed for winning trophies in soccer, volleyball, dodge ball, and relay race. Those who didn’t play in the games danced and shouted for victory to cheer their team. All soccer and volley ball matches were exiting enough to make everyone think that they are watching professional league games since all players volunteerly went through intensive training before and after work everyday for the last few weeks.

2014 한마음 연찬회_0023All soccer matches were neck and neck. Winners and losers were decided by penalty kicks. Capital Markets Bureau and One Team (Spokesperson’s Office and Consumer Finance & Protection Bureau united) met at the final round. Both teams fought their guts out but the match ended at 3 all after overtime. Again, the champion was about to be ruled by 5 penalty kicks. Cheering squads of each team yelled for joy and disappointment everytime kickers made their kicks. PK scores were tied again at 3 all and only one kicks per team remained. One Team succeeded the last kick first. Then, One Team’s goalkeeper threw his body to the ball and made a miraculous save. Thanks to the unbelievable save resembling Casillas, One Team could lift up the winning trophy.

2014 한마음 연찬회_0187At the same time, volley ball matches were hot in the indoor stadium. Unlike professional volley ball games with 6 players, 9 players including one female made a team. No one spared themselves. Every player dived and threw themselves to receive fierce spikes. After exiting and breathtaking matches, Financial Policy Bureau and One Team, again, met for the championship game. Most people expected Financial Policy Bureau would win because they had height advantages over One Team. Such expectation was about to come true until Financial Policy Bureau went ahead by 9 to 3 of a 15-point game after winning the first set. It was then when miracle happened, again. One Team players showed their super power and turned the game around with final set score of 2-1.

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One Team’s one-sided games continued. The team overwhelmed other rivals in relay race and other competitions. As a result, One Team won soccer and volley ball trophies and overall championship trophy. Sweeping all trophies was unprecedented throughout the history of the FSC. The historic event ended with FSC Chairman’s closing statements.

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Despite worries about rain forecast, FSC employees, families, and reporters could enjoy a typical sunny and cool autumn weather. It was a meaningful day that everyone could forget about work for a day and come around all together. In the closing statement Chairman Shin almost showed his tears fully charged with emotions when he reminisced the past two years of both wonderful and hard times in the FSC.

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51st Savings Day celebrated

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51st Savings Day was celebrated on October 28, Tuesday at International Conference Hall, Press Center. More than 250 figures including awardees and employees from financial institutions joined the event to commemorate the meaningful day.

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This year, 91 people received awards for their exemplary saving practices. Mr. Park, the receiver of Peony Medal, overcame poverty inherited by his parents through diligent working and saving as much as he could. Despite that he had to drop out of middle school because he couldn’t afford the tuition fee, he made his own fortune by working harder than others. Managing his foodstuff factory, he has been providing financial support to nursery schools. He has never been lazy helping less fortunate neighbors.

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There were also number of celebrities who were awarded for best saving practices. Actress Kim Hee-ae and comedian Seo Kyeong-suk received presidential commendation. Anchor Baek Seung-joo and model Byeon Jung-soo were awarded prime minister commendation. Baseball player Jang Won-sam and singer Kim Heung-kook received FSC chairman commendation.

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In his congratulatory speech, FSC Chairman Shin Je-Yoon expressed gratitude to all participants for their active participation in the national savings campaign. Furthermore, he mentioned that the development of Korea’s real economy largely owes to the dedicated efforts of the financial industry. He made commitments that the government will find ways to encourage development of various pension savings products, and strengthen financial consumer protection.

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Third meeting of Committee for Financial Innovation

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Committee for Financial Innovation met for its second meeting on Tuesday, October 21 to check the current performances to achieve the Park Geun-hye administration’s ‘Three-year Economic Plan’ and ‘Creative Finance.’

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Centered by FSC Vice Chairman, Jeon Chan-woo, the committee evaluated that the FSC has been successfully laying out foundation to reach the government’s goal. In particular, TCBs gave out 3,200 technology loans, reflecting that the government’s technology finance has already taken deep root in the financial sector.

Growth Ladder Fund provided necessary fund worth 310 billion won to start-up and venture companies. Moreover, the government provided assistance to 63 small-sized firms to be listed in the KONEX market to raise fund.

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Aside from such milestone achievements, there also have been noticeable results by the government to improve bank governance structure, abolish banks’ out-dated financial practices, and streamline inspection and sanction scheme.

The committee will meet again on October 29 to further develop the proposals raised during the second meeting.

 

Chairman Shin departs for FATF Plenary Session in Paris

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FSC Chairman Shin Je-Yoon will depart for Paris to attend FATF Plenary Meeting from October 18 to 25. As Korea assumed the presidency in February, Chairman Shin will be appointed president from July, 2015. He has been serving as vice-president from July.

The FATF hosts annual plenary meeting with 36 standing member countries, 8 regional anti-money laundering bodies, and 24 international organizations including the IMF. Chairman Shin will start his duties as FATF vice president by attending all meetings including steering committee meeting on the 19th, working group session on the 20th and 21th, and plenary meeting from October 22 to 24.

Korea’s great responsibilities in the FATF reflect Korea’s high international status as a rule setter in the fields of anti-money laundering and counter terrorist financing.