South Korea To Investigate Banks in Cryptocurrency-Linked AML Clampdown

[kreslik.news]

South Korea’s financial regulators said on Wednesday they will jointly carry out inspections on local banks’ operations with cryptocurrency exchanges to check their compliance with anti-money laundering (AML) guidelines.

The joint inspection by the Financial Intelligence Unit (KoFIU) and the Financial Supervisory Commission (FSC) will be asking for the information over corporate accounts of crypto exchanges. The regulators would look next month at whether banks’ activities with cryptocurrency operators are adhering to anti-money laundering rules, according to local news agency Yonhap.

South Korean officials are also looking at ways to reduce risks associated with cryptocurrency trading in the country, which could include ... (read more)

[DanielH]

There's been further progress this month as global regulatory bodies attempt to come to terms with the value—and potential dangers—cryptocurrencies bring to the marketplace. Central banks and governments are now openly discussing and sharing their positions on the burgeoning asset class. In this case the the korean won because it more request