FSS 2025 Inspection Operation Plan
Regular Checks on Service Disruption Response Systems
Inspections Up 9% Overall, Regular Inspections Up 26% Year-on-Year
Starting this year, big tech companies (large information technology firms) will also undergo regular inspections by the Financial Supervisory Service (FSS). The plan is to include major electronic financial operators such as Naver Pay, Kakao Pay, and virtual asset service providers in the scope of regular inspections to promote soundness. The inspections will review big tech service disruption response systems, payment gateway (PG) related settlement fund management systems, and more.
Seoul Yeongdeungpo-gu Yeouido Financial Supervisory Service building. Provided by Financial Supervisory Service
On the 19th, the FSS announced the "2025 Inspection Operation Plan" containing these details.
First, the FSS decided to conduct regular inspections of major electronic financial operators. They will regularly check the service disruption response system, PG management system, and the management status of transmission risks from non-financial affiliates.
To prevent consumer damage through online platform sales channels, the user authentication system and the appropriateness of comparison and recommendation algorithms will be intensively inspected.
There will also be focused inspections on virtual asset service providers to verify compliance with laws and self-regulations, as well as on vulnerable operators with weak financial structures.
Additionally, pre-inspections of high-risk insurance branches and general agency (GA) insurance agencies will be strengthened. The internal control management system based on the accountability structure and the operation status of internal controls to prevent financial accidents and incomplete sales will be key inspection points. The appropriateness of performance reward systems will also be examined more rigorously to encourage improvement in management culture that overly focuses on short-term results.
The FSS plans to conduct 738 inspections (both regular and ad hoc) this year. This is an increase of 59 inspections (9%) compared to 679 inspections last year.
Regular inspections will be conducted 29 times this year, which is 6 times (26%) more than the 23 times last year. The regular inspections will include 10 times for banks including holding companies, 9 times for small and medium financial institutions, 2 times for financial investment firms, 7 times for insurance companies, and 1 time for digital and IT (electronic finance) sectors.
The FSS stated, "Through proactive responses to latent risk factors inherent in the financial market and swift responses to urgent issues, we will build a financial industry that financial consumers can trust."
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