Korean financial regulators issue stricter anti-money laundering guidelines for crypto currency

According to a press release issued this week, South Korea’s top financial regulator has released a revised set of virtual currency anti-money laundering (AML) guidelines.

The press release stated that the Financial Services Commission (FSC) conducted on-site inspections of three domestic banks, Nonghyup, Kookmin and Hana, and the results of the inspection prompted FSC to revise its anti-money laundering guidelines.

The new standard states that cryptocurrency exchanges must conduct customer due diligence (CDD) and enhance customer identification (EDD) to ensure that the user’s trading objectives and funding sources are legal. If the business refuses or is unable to provide information for customer verification, the guidelines indicate that any transaction from the exchange must be rejected or terminated.

According to the CCN News website, according to the revised guidelines, cryptocurrency exchanges are also responsible for ensuring that foreigners do not use local cryptocurrency exchanges for transactions, criminals do not use other people’s personal accounts for money laundering, and avoid suspicious transactions and payment processing. .

In May, FSC joined a cryptocurrency survey initiated by the Korea Financial Supervisory Service (FSS) and incorporated it into the AML standard of the cryptocurrency exchange.

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