Korean regulators will check on cryptocurrency exchanges are fighting with money laundering

Korean regulators will check on cryptocurrency exchanges are fighting with money laundering

Two South Korean regulator going to have a series of checks at local banks that cooperate with cryptocurrency exchanges to learn how the past meet the standards to combat money laundering.

According to local publication Yonhap, the financial intelligence unit and the financial services Commission (FSC) will begin inspections from next month. Checks will be held only in those banks that cooperate with cryptocurrency exchanges.

Earlier, South Korean regulators have issued a special decree banning work under the anonymous accounts on local exchanges. All cryptocurrency exchanges since February, was to integrate a special system of verification is closely related to the domestic banks.

The order was issued in the framework of combating the laundering of money through cryptocurrency.

See also – $ 600 million was illegally withdrawn through cryptocurrency of South Korea

On the basis of the new rules, financial institutions in South Korea have developed a verification system when it made it available only for large exchanges.

Earlier, the Korea customs service said that by using cryptocurrencies of the country was derived the capital for a total sum about 600 million dollars.

Let's Disqus