South Korea Targets Crypto Money Laundering with New Customer Verification Measures

South Korea’s FSC tightens customer verification to combat money laundering in crypto. Virtual asset exchanges and banks must verify transactions to prevent money laundering risks. Real-name accounts for companies and investors will be assigned by the end of this year. On May 20, South Korea’s Financial Services Commission (FSC) decided to tighten customer identification for non-profit corporations and virtual asset exchanges. This measure is taken to lessen the chances of digital asset investors engaging in money laundering. Banks and virtual exchanges will have to pay special attention to their users’ identification and oversee each transaction more closely. The guidelines were concluded at the 4th Asset Committee meeting earlier this month. The rules require verifying the money being deposited and withdrawn, and the reason for the move at virtual asset exchanges. Real-name account banks will have to track transactions related to buying and selling virtual assets. These rules are included in South Korea’s broader plan to control participation in the virtual asset market. Stricter Verification to Combat Crypto Money Laundering As per this polic… The post South Korea Targets Crypto Money Laundering with New Customer Verification Measures appeared first on Coin Edition .

Source: Coin Edition