The South Korean Financial Intelligence Unit (FIU) strengthens anti-money laundering (AML) regulations to combat financial crimes related to crypto currency. Due to the increasing illegal money movements in the country, control mechanisms will be made more strict. At the meeting held on March 5, 2025, the relevant institutions discussed new audit systems and updated AML strategies.
AML Audit Board Made new decisions
The AML Supervisory Board meeting was held under the leadership of FIU President Park Kwang. Representatives from the Financial Supervision Agency, the Ministry of Interior and other 11 institutions attended the meeting. Authorities discussed the creation of audit plans of each organization and the standardization of the audit processes.
New AML policies will bring more effective inspections against money laundering activities. It is planned to determine risk factors and to increase data sharing with financial institutions. Authorities, financial crimes more effective struggle to fight annual audit plans will be commissioned rapidly, he said.
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The new unit will focus on crypto currency fraud
A new team is being established to prevent crypto currency fraud. The Financial Supervision Agency and other officials will form a new audit team called “People’s Live Crimes Aml Joint Struggle Team”. This unit aims to minimize potential risks by following suspicious transactions.
International AML studies came up. The US Securities and the Stock Exchange Commission and the European Union are developing similar regulations. FIU officials drew attention to the necessity of acting in accordance with global AML policies.
The meeting also discussed the objection of the UPbit operator Dunamu to the decision to stop the business by FIU. FIU officials said that it is inevitable to implement new AML policies after the major hacking incidents.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
