South Korea's FSC Launches Fraudulent Payment Response Coordination Body with Major Payment Firms

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According to Yonhapinfomax, South Korea's Financial Supervisory Commission (FSC) launched a Fraudulent Payment Response Coordination Body on July 15 in collaboration with major payment service providers including Naver Financial, Kakao Pay, and Viva Republica. The body will operate through two divisions: FDS (Fraud Detection System) and AML (Anti-Money Laundering). The FSC plans to develop standard operational guidelines by October, with final approval scheduled for November, aiming to establish an industry-wide joint response system to combat increasingly sophisticated fraudulent transactions.
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