South Korea set to upgrade AML rules around virtual assets transactions

A special taskforce will meet twice monthly and draw up opinions and plans to upgrade the Act on Reporting and Using Specified Financial Transaction Information.

Regulators in South Korea have set up a special taskforce to upgrade current anti-money-laundering rules in order to close loopholes around the transaction of virtual assets. The country’s Financial Services Commission (FSC) has announced the news in a press release.

One of the taskforce’s key tasks will be to look

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