@BOMBERuss 14 June 2021 more from that month

The South Korean Financial Services Commission (FSC) has demanded that local banks stop providing services to traders and trading platforms that do not comply with KYC and AML procedures. According to the FSC, there are currently 60 cryptocurrency exchanges operating in the country. Of these, only four meet AML standards, using accounts with real names. Therefore, on June 9, the Financial Intelligence Unit of South Korea (FIU) held a meeting at which it stated that banks and financial organizations should classify cryptocurrency transactions as transactions with a high risk of money laundering. The agency called on banks to take additional precautions and more carefully monitor financial transactions with the exchange of cryptocurrencies. Under the Financial Information Act, cryptocurrency firms are required to report suspicious transactions involving digital assets to the FIU. Customers who do not confirm their identity and exchanges that do not report suspicious activity to the FIU will be denied banking services. Trading platforms will also have to reject transactions made by customers who have not passed the identity identification procedure (KYC), or who do not use their real name. The FSC said that with a verified account, traders will be able to deposit and withdraw money from cryptocurrency platforms through the bank without any problems. This will make it easier to identify the user and get transaction details. If such requirements are not met, cryptocurrency transactions carry a greater risk of money laundering. #CryptoTrading