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The Financial Supervisory Service (FSS) and banks have jointly launched a taskforce team to cooperate in setting up guidelines for the banking industry s best practices in corporate governance. The FSS announced Sunday that the kickoff meeting of the taskforce team took place late last week, drawing participants from eight financial holdings companies as well as the Korea Federation of Banks (KFB).
The Financial Supervisory Service (FSS), the country s financial watchdog agency, has once again urged banking firms to equip themselves with sound corporate governance and effective internal controls to prevent any possible banking crises.