Skip to Primary Navigation

Skip to main content

South Korea set to upgrade AML rules around virtual assets transactions

A. money exchange centre in Seoul, South Korea.
Regulators are considering decreasing the threshold for reporting transactions in virtual assets. Photo: Chung Sung-Jun/Getty Images

Hameed Shuja

2 min read
 Click to share on Facebook (Opens in new window/tab) Click to share on Twitter (Opens in new window/tab) Click to share on LinkedIn (Opens in new window/tab) Click to share on WhatsApp (Opens in new window/tab)

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

, , , , , , , , , ,