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