South Korea's Financial Regulator Intensifies Monitoring of Forex Trading
Thursday,16/10/2014|07:41GMTby
George Tchetvertakov
In yet another example of the FX market coming under more scrutiny from regulators globally, Forex Magnates reports on South Korea's plans to make Forex brokers more transparent and traders more accountable.
The South Korean financial watchdog, the Financial Supervisory Service (FSS), has announced the agency “will work with the state customs office to intensify monitoring of illegal foreign Exchange trading in order to maintain order in the financial community”.
"The Financial Supervisory Service (FSS) will focus on protecting consumers and supporting the financially weak in order to secure stability of the financial system and establish order" FSS Governor Choi Soo-hyun said in a parliamentary audit session. Adding, “The FSS will also intensify supervision of financial scams and insurance frauds in order to strengthen consumer protection”.
Tthe FSS intends to conduct “special inspections” on illegal foreign exchange trading, such as buying ooverseas real estate without declaring to national authorities and evading taxes via offshore tax havens.
Financial Supervisory Service Gov. Choi Soo-Hyun addresses an annual forum with foreign financial companies in March 2014
According to data, authorities uncovered 1,015 cases of illegal foreign currency transactions last year, compared to 320 in the previous year. They discovered 563 cases in the first nine months of this year.
The amount of damages incurred from financial frauds, including voice Phishing, in South Korea came to 224.1 billion won last year (~$211 million) and is expected to reach 270 billion won (~$254 million) in 2014 as 182.5 billion won (~$172 million) has already been reported between January and August this year. Insurance fraud damage has also been on the rise, with the amount totalling 453.3 billion won (~$426 million) in 2012 and 520 billion won (~$490 million) in 2013. The figure is anticipated to reach 570 billion won (~$536 million) this year.
The FSS said it is considering employing “pre-emptive measures” such as “delaying withdrawals of financial transactions between suspicious accounts” and tighter monitoring of unauthorized private lenders.
The South Korean financial watchdog, the Financial Supervisory Service (FSS), has announced the agency “will work with the state customs office to intensify monitoring of illegal foreign Exchange trading in order to maintain order in the financial community”.
"The Financial Supervisory Service (FSS) will focus on protecting consumers and supporting the financially weak in order to secure stability of the financial system and establish order" FSS Governor Choi Soo-hyun said in a parliamentary audit session. Adding, “The FSS will also intensify supervision of financial scams and insurance frauds in order to strengthen consumer protection”.
Tthe FSS intends to conduct “special inspections” on illegal foreign exchange trading, such as buying ooverseas real estate without declaring to national authorities and evading taxes via offshore tax havens.
Financial Supervisory Service Gov. Choi Soo-Hyun addresses an annual forum with foreign financial companies in March 2014
According to data, authorities uncovered 1,015 cases of illegal foreign currency transactions last year, compared to 320 in the previous year. They discovered 563 cases in the first nine months of this year.
The amount of damages incurred from financial frauds, including voice Phishing, in South Korea came to 224.1 billion won last year (~$211 million) and is expected to reach 270 billion won (~$254 million) in 2014 as 182.5 billion won (~$172 million) has already been reported between January and August this year. Insurance fraud damage has also been on the rise, with the amount totalling 453.3 billion won (~$426 million) in 2012 and 520 billion won (~$490 million) in 2013. The figure is anticipated to reach 570 billion won (~$536 million) this year.
The FSS said it is considering employing “pre-emptive measures” such as “delaying withdrawals of financial transactions between suspicious accounts” and tighter monitoring of unauthorized private lenders.
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
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Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
