South Korea Digital Currency Exchanges to Face Penalties for Anti-Money Laundering Breaches

Written by:
Aaron Goldstein
Published on:
Mar/14/2021

New enforcement measures are being introduced in South Korea as a means of ensuring digital currency exchanges are upholding their obligations under anti-money laundering regulations, as reported by CoinGeek.

  • The Financial Services Commission will impose stiff fines on exchanges that violate money laundering measures.
  • The new rules will be implemented beginning April 20.
  • The new laws place duties on virtual asset service providers, which includes digital currency exchanges, on data control, internal controls, and a number of other specific requirements, such as keeping separate records of client transactions.
  • The rules coincide with proactive steps from Korean exchange Bithumb earlier this week, whereby they began banning accounts from countries identified on the regulator’s watch list, or singled out as high risk, including Myanmar, Iceland, Iran and North Korea.

- Aaron Goldstein, Gambling911.com

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