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South Korea - Korean financial regulators reform audit and sanction procedures

Source: Asia Insurance Review | Jul 2015

On 22 April 2015, the Korean financial regulators announced their plan to reform audit and sanction procedures for the financial services industry (the "Reform Plan"). The Reform Plan aims to increase the compliance responsibility of insurance and other financial companies and to prevent unfair supervisory practices and imposition of inappropriate/excessive sanctions with the following key provisions.

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