A. Introduction
The Financial Services Agency (“FSA”) established a Working Group on Payment Services, and the report of this working group (“Report”) was published on January 11, 2022. In response to the Report, amendments to the Payment Services Act (“PSA”),1 the Act on Prevention of Transfer of Criminal Proceeds, Financial Instruments and Exchange Act (“FIEA”),2 the Banking Act, and
other statutes were enacted on June 3, 2022 (collectively, the “Amendments”). The Amendments will take effect within one year from the date of their promulgation on June 10, 2022.
