Korea amended the Corporate Governance Act for Financial Companies (the ‘Corporate Governance Act’) in 2024, requiring Korean banks and foreign branches and subsidiaries operating in Korea to put into place this past January specific allocation of responsibilities among their senior management for internal controls and risk management. Its reach will expand later this year and in 2026 to securities companies, insurers and other financial institutions. While this type of legislation is not entirely new in the global financial regulation landscape, the Korea-specific version has its own unique flavour in comparison to other countries with similarly intended laws to be discussed in parallel with the Corporate Governance Act.