Crypto Whales in South Korea to Come Under Surveillance to Prevent Money Laundering

2022-10-24 11:23

The Financial Service Commission in South Korea will monitor crypto whales with more than 100M won in assets. It seeks to prevent any money laundering or illicit activity.

South Korea’s Financial Service Commission has announced new rules for the crypto market that mandates the monitoring of crypto holders who have more than 100 million won ($347,000) in the asset class. This is an effort to ensure that no money laundering takes place, one of the many steps the financial regulator is taking to enforce AML.

It says that “the larger the proportion, the higher the risk of money laundering” and believes that stablecoins especially are likely to be used for criminal purposes. The report reads,

“In the case of an independently listed virtual asset, it is possible that it did not meet the listing criteria of other virtual asset operators, and it can be evaluated that the risk of money laundering of virtual asset operators with a high proportion of the virtual asset is high.”

This is yet another step by the FSC to enforce some rules on the market. The collapse of the Terra ecosystem roiled the country. Officials have now redoubled their efforts to ensure investor protection.

Crypto whales facing extensive AML rules

South Korea’s Financial Intelligence Unit (FIU) is an agency dedicated to preventing money laundering and illegal fund flows. It recently conducted a survey on crypto exchanges focusing on AML violations and counter-terrorism financing obligations.

The agency concluded that there was insufficient compliance as far as these requirements were concerned. It has said that it will regularly disclose illegal transactions and activities. It also encourages exchanges to establish a proper AML system.

These rules relate to how to check for suspicious transactions and what to do in case of a violation. For example, if someone withdraws 500M won ($350,000) in 10 minutes, an investigation must take place. If the exchange fails to report suspicious activity, it could result in a fine of nearly 30M won.

South Korea wants no room for money laundering

South Korea has been particularly keen on ensuring that no money laundering takes place through the crypto market. The FSC met with other government agencies in the Financial Action Task Force (FATF) assembly to discuss efforts related to AML and counter-terrorism financing.

The head of the FSC also asked for caution with respect to allowing domestic companies to enter the crypto market. Meanwhile, the Governor of the Financial Supervisory Service has said that crypto could be subject to securities laws.

The post Crypto Whales in South Korea to Come Under Surveillance to Prevent Money Laundering appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

South African Rand (ZAR) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 ZAR

prevent money crypto laundering whales korea south

prevent money → Результатов: 103


Cloudflare CEO Concerned about Growth of Ransomware Attacks in the Crypto Space

In an interview on CNBC’s ‘Mad Money,’ hosted by Jim Cramer, Cloudflare CEO Matthew Prince called out crypto exchanges stating these firms “are becoming a popular target for cybercriminals. ” According to Prince, cryptocurrency exchanges need to focus more on securing customers’ funds to prevent the rising cases of hacks and ransomware attacks.

2021-9-15 22:41


Фото:

Philippines’ central bank tightens crypto regulations to combat money laundering

Bangko Sentral ng Pilipinas (BSP), the top financial regulator in the Philippines, has tightened crypto rules to help prevent money laundering in the country. A report unveiled this news on January 26, noting that the central bank now mandates that all crypto transactions adhere to its regulations on financial service providers.

2021-1-27 17:15


Dr. Nouriel Roubini Estimates that a Global Recession is Underway

Nouriel Roubini foresees a global financial crisis. Different policies implemented to prevent a financial downturn will not help. Central banks around the world must stop printing money. Dr. Nouriel Roubini, a professor at New York University’s Stern School of Business, estimates that a new recession could hit the global economy very soon.

2019-11-9 18:06


Фото:

Op Ed: A Summary of

In the latest on the ongoing legal dispute between the New York Attorney General (NYAG), cryptocurrency exchange Bitfinex and stablecoin issuer Tether, the New York Supreme Court has modified an April 24, 2019, preliminary injunction and now Bitfinex is allowed to continue using the Tether reserves that were loaned to it to maintain its ordinary course of business, such as paying employees and consultants.

2019-5-18 22:14


Pakistan Regulates Cryptocurrency to Prevent ‘Terrorism Financing’

Pakistan has announced plans to regulate cryptocurrencies in accordance with recommendations of the Financial Action Task Force (FATF). The regulations will be introduced immediately. Pakistan embraces digital currencies reluctantly Pakistan had previously taken a hard stance against cryptocurrencies, with the country’s central bank warning banks and other financial services providers against offering services that supported virtual currency transactions.

2019-4-1 12:04