South Korea’s regulator, the Financial Intelligence Unit (FIU), is on the path of increasing their oversight of crypto exchanges within the country as the agency has revealed its plans for exchanges this year.
South Korea’s FIU Unveils Work Plan For Crypto Exchanges
According to local reports, a detailed “2024 Work Plan” has been outlined by the Financial Intelligence Unit (FIU). This plan seeks to protect the Korean won market against illicit crypto exchanges through improved anti-money laundering (AML) procedures; non-compliant operators will be identified and removed, the regulator claims.
The local report highlighted that the finance unit developed the strategy after gathering views from professionals and businesses following its collaboration with the Policy Advisory Committee and relevant organizations.
The strategy will increase South Korea’s reporting review and inspection of virtual asset exchanges. Additionally, exchanges of virtual assets that do not meet regulatory standards will be banned from operating in the country.
Furthermore, the report revealed plans to introduce a preemptive transaction suspension system for “questionable transactions.” This system will be under the Financial Action Task Force (FATF).
As a result, it can swiftly block the concealment of criminal proceeds at all stages of the prosecution investigation. According to the report, FIU plans to implement this system domestically.
The unit is undertaking expert research services to explore foreign cases and investigate the introduction of measures in this context. In addition, the FIU intends to implore experts in the field, such as accountants and attorneys, to cooperate in the fight against money laundering.
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Author: Godspower Owie
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