South Korea’s financial watchdog announced tougher measures to crack down on illegal money lenders. Key changes include renaming unregistered lenders as “illegal credit businesses,” imposing stricter registration requirements and ramping up penalties for unlawful lending practices. The Financial Services Commission also targeted online lending platforms and tightened restrictions on the misuse of personal data.

The new measures aim to address the rising impact of illegal financial activities on vulnerable populations. The government plans to expedite amendments to the Registration of Credit Business and Protection of Finance Users Act to strengthen oversight and curb harmful practices.

WHY IT MATTERS

Cracking down