{"id":2206442,"date":"2024-09-12T08:00:41","date_gmt":"2024-09-11T23:00:41","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206442"},"modified":"2024-09-11T18:28:32","modified_gmt":"2024-09-11T09:28:32","slug":"south-koreas-financial-watchdog-tightens-grip-on-illegal-money-lenders","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/09\/south-koreas-financial-watchdog-tightens-grip-on-illegal-money-lenders\/","title":{"rendered":"South Korea\u2019s financial watchdog tightens grip on illegal money lenders"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s financial watchdog <\/span><a href=\"https:\/\/www.fss.or.kr\/fss\/bbs\/B0000188\/view.do?nttId=138416&amp;menuNo=200218&amp;pageIndex=1\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> tougher measures to crack down on illegal money lenders. Key changes include renaming unregistered lenders as \u201cillegal credit businesses,\u201d 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new measures aim to address the rising impact of illegal financial activities on vulnerable populations. The government plans to expedite amendments to the <\/span><a href=\"https:\/\/www.law.go.kr\/%EB%B2%95%EB%A0%B9\/%EB%8C%80%EB%B6%80%EC%97%85%EB%93%B1%EC%9D%98%EB%93%B1%EB%A1%9D%EB%B0%8F%EA%B8%88%EC%9C%B5%EC%9D%B4%EC%9A%A9%EC%9E%90%EB%B3%B4%ED%98%B8%EC%97%90%EA%B4%80%ED%95%9C%EB%B2%95%EB%A5%A0\"><span style=\"font-weight: 400;\">Registration of Credit Business and Protection of Finance Users Act<\/span><\/a><span style=\"font-weight: 400;\"> to strengthen oversight and curb harmful practices.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Cracking down on illegal money lenders may lead to unintended consequences, such as further marginalizing borrowers with poor credit scores, who typically turn to such lenders due to being unable to access traditional financial institutions. While the new measures aim to protect vulnerable populations, they may push these individuals into deeper financial debt as fewer borrowing options would remain available.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the non-bank private loan sector, the reforms may lead to increased regulatory scrutiny, which could tighten their operations. On the other hand, with illegal lenders facing harsh penalties, these companies may find themselves in a stronger market position as one of the few legal lending options for high-risk borrowers.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/culture-society\/\"><span class=\"tag\">Culture &amp; Society<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s financial watchdog announced tougher measures to crack down on illegal money lenders. Key changes include renaming unregistered lenders as \u201cillegal credit businesses,\u201d 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 [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206443,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,25],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s financial watchdog tightens grip on illegal money lenders - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/09\/south-koreas-financial-watchdog-tightens-grip-on-illegal-money-lenders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s financial watchdog tightens grip on illegal money lenders - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s financial watchdog announced tougher measures to crack down on illegal money lenders. Key changes include renaming unregistered lenders as \u201cillegal credit businesses,\u201d 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. 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