FSA Meets with "Neobanks" to Discuss Financial Crime Prevention

The Financial Services Agency held an opinion exchange meeting on financial crime prevention measures with the management of 13 neobanks at the beginning of June. This was conducted against the backdrop of diversifying customer needs and the advancement of cashless payments, where new forms of banks with distinctive business models are gaining prominence - such as banks that provide services exclusively online and banks that primarily provide payment services by installing ATMs in convenience store networks. The meeting involved exchanging opinions on various challenges surrounding these new forms of banks as follows:

1. Account Misuse Survey - Follow-up on financial institutions' responses to fraud prevention measures
2. Comprehensive Anti-Fraud Measures 2.0 - New government strategy including information sharing systems
3. Online Casino Prevention - Measures to prevent illegal gambling through financial services
4. Anti-Money Laundering Effectiveness - Requirements for financial institutions to verify and improve their AML systems
5. Account Security Strengthening - Response to recent unauthorized access incidents, emphasizing stronger authentication methods
6. Post-Quantum Cryptography Migration - Urgent preparations needed for quantum-resistant encryption by 2035