It has been revealed that the amounts of fines and penalties imposed on domestic commercial banks in foreign countries have increased by 180 times in just three years.Based on the data obtained by Kim Jong-min, a member of the opposing Democratic Party, from the Financial Supervisory Service, fines
Industrial Bank of Korea (IBK) announced on Dec. 8 that the U.S. Federal Reserve Board has terminated an enforcement action against it over previous deficiencies in its risk management and anti-money laundering compliance.The bank signed an agreement with the Federal Reserve Bank of New York and the
Bithumb announced on Jan. 26 that customers can transfer virtual assets only to overseas exchanges that had passed an anti-money laundering risk assessment review. As of Jan. 26, exchanges that passed the review were Coinbase, Kraken, Coincheck, Bitflyer, Bybit, Gemini, Coinlist Pro, Phemex and BitB
The Financial Services Commission voted in favor of the revised enforcement decree to the Act on Reporting and Using Specific Financial Transaction Information on March 16. The amendment scheduled to become effective on March 25 is to detail virtual asset businesses’ anti-money laundering duty.Accor
The latest Act on Reporting and Using Specified Financial Transaction Information is scheduled to become effective soon, and then virtual currency exchanges must have real-name accounts to continue with their business. However, banks are hesitating to give the accounts out of concerns over money lau
42Maru, a Korean artificial intelligence (AI) startup specializing in question-answering platform, announced on Jan. 7 that it has been selected for Industrial Bank of Korea’s acceleration program "IBK Changgong." The program provides customized assistance to startups for each stage of growth by act
The Financial Services Commission announced on Nov. 2 an amendment to the enforcement decree of the Act on Reporting and Use of Certain Financial Transaction Information. The main purpose of the act is to impose the duty of money laundering prevention on virtual asset businesses.According to the ame
VerifyVASP, a Singapore-based “Travel Rule” solution provider, announced on Aug. 7 that 12 virtual asset service providers (VASPs) and related industry organizations have joined the company’s VerifyVASP alliance. Introduced by the Financial Action Task Force last year, the Travel Rule is an anti-mon
Consumers will be able to receive exchanged foreign currencies at home via parcel delivery service or at parking lots. Also, consumers will be allowed to withdraw money transferred from overseas via automated teller machine (ATM) at any time of the day.Deputy Prime Minister and Finance Minister Hong
The U.S. Attorney’s Office and the New York State Department of Financial Services imposed a fine of US$86 million on Industrial Bank of Korea (IBK) for its violation of the U.S. anti-money laundering law.From February to July 2011, a South Korean trading company in intermediate trade with Iran cond
Korea’s cryptocurrency industry is making all-out efforts to build an anti-money laundering (AML) system to comply with the recommendations of the Financial Action Task Force (FATA) that go into effect in June 2020.The inter-governmental watchdog asks cryptocurrency exchanges and virtual asset servi
The South Korean government needs to come up with laws and systems related to blockchain technology and cryptocurrencies to encourage companies to invest in the blockchain industry, an industry report says.The report, released by BC Card Digital Research Institute and KT Economics & Management Resea
The Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) has disclosed a plan to directly regulate cryptocurrency exchanges and bring them into the regulatory system. Currently, the FIU indirectly controls cryptocurrency exchanges through administrative guidance to banks.A
Although the mutual evaluation unit of the Financial Action Task Force (FATF) has finished a due diligence on South Korean financial companies, domestic banks cannot relax until the final results come out in April next year. The on-the-spot inspection has been completed, but they now face a stricter
The price of Bitcoin has surpassed the 15 million won (US$12,980) level for the first time in a year and five months.The Bitcoin was traded at 15.30 million won (US$13,239) as of 4 p.m. on June 26, up 15 percent compared to the same time a day earlier, according to Upbit, the largest cryptocurrency
The Financial Action Task Force (FATF) urged the financial authorities of the member states to regulate cryptocurrency exchanges in the same manner they regulate commercial banks in order to prevent cryptocurrencies from being misused for illegal transactions. This has put nearly 200 South Korean cr
The price of Bitcoin has recovered to the 10 million won (US$8,435) range.The rebound is attributed to an increasing number of investors injecting money into cryptocurrencies amid increased variability in the global economy and global companies' moves to bring the virtual coin into the financial
South Korea’s four largest cryptocurrency exchanges -- Bithumb, Coinone, Korbit, and Upbit -- has announced a joint initiative to increase anti-money laundering (AML) efforts and foster a healthier trading environment.A hotline dedicated to AML issues will be established amongst the four exchanges’
Binance, the world's largest cryptocurrency exchange by market volume, has started over-the-counter (OTC) trading services.The volume of transactions inside the cryptocurrency exchange is on the decrease due to a weakening cryptocurrency market, while OTC transactions made directly between two p
As “security token offerings (STOs),” which refer to issuances of cryptocurrencies using traditional assets, such as real estate, stocks and paintings, as collateral, have emerged as an alternative to initial coin offerings (ICOs) for the cryptocurrency industry, STO-related technology platforms and