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South Korean Financial Regulator Introduces New Measures to Supervise Crypto Exchanges
Summary: The Financial Services Commission’s Financial Intelligence Unit (FIU) ,the body that deals with Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT)-related matters in South Korea, has issued the latest regulatory requirements. FIU will require exchanges to flag and inform it of any unusual-looking transactions on their platforms within three working days. It also specified that all ...
The Financial Services Commission’s Financial Intelligence Unit (FIU) ,the body that deals with Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT)-related matters in South Korea, has issued the latest regulatory requirements. FIU will require exchanges to flag and inform it of any unusual-looking transactions on their platforms within three working days. It also specified that all reports will need to specify transactions’ values in fiat (KRW).
FIU will have the final say on how to supervise the exchange. In order to trade, platforms will need to obtain a license.They need to provide proof to FIU that they have obtained the information protection management system certification, signed a real-name authenticated banking contracts with a domestic bank, and prove that they have qualified employees in key decision-making and security-related positions.
Exchanges must submit the necessary documents to the FIU before September 24, and the FIU will have the right to force closure, audit or spot-check on non-compliant platform operators.
By Amy Liu
Tags: Crypto Exchanges,financial regulator,South Korean
Link: South Korean Financial Regulator Introduces New Measures to Supervise Crypto Exchanges [Copy]
