Banking Law in South Korea

Tue, 07 Jul 2026 00:00:00 +0000

Introduction

South Korean banking law is structured around a dual regulatory framework: the Financial Services Commission (FSC) (금융위원회) sets policy and regulation, while the Financial Supervisory Service (FSS) (금융감독원) conducts on-site examinations and enforcement. The Banking Act (은행법) serves as the primary legislative instrument, supplemented by the Capital Markets and Financial Investment Business Act (FISCMA) and the Act on the Establishment of Financial Services Commission. South Korea’s banking sector has undergone significant transformation since the 1997 Asian Financial Crisis, shifting from a government-directed banking system to a market-oriented one.

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Banking Law in South Korea

Introduction