Korea Tightens Asset Reviews for Senior Officials, Single-Stock ETF Disclosures

South Korea's Ministry of Personnel Management is tightening reviews of cryptocurrency and unlisted stock holdings by senior public officials. The ministry plans to scrutinize civil servants at Grade 4 or above who are subject to asset screening, seeking trading records earlier and closely inspecting cases suspected of involving overseas transactions or trades made under borrowed names.

The ministry will also conduct a more detailed review of unlisted shares, including the source of funds and transaction records. This is part of efforts to strengthen integrity in the public sector and improve transparency in asset disclosures.

Rules for disclosing the assets of senior public officials will change. Single-stock ETFs that were previously reported under the deposit category without disclosure of the security name or number of units held, will now be classified as securities and require both to be made public.

The ministry plans to complete consultations with securities firms by October and upgrade the public ethics system before continuing asset reviews of crypto assets and single-stock ETFs. Senior public officials who hold more than 30 million won ($21,700) in job-related single-stock ETFs will be required to sell the holdings or place them in a blind trust within two months.