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The South Korean Financial Intelligence Unit (FIU) is intensifying anti-money laundering (AML) regulations to combat financial crimes related to cryptocurrency. In response to increasing illegal monetary movements within the country, auditing mechanisms are set to become stricter. During the meeting held on March 5, 2025, relevant authorities discussed new auditing systems and updated AML strategies.
AML Audit Board Implements New Decisions
The AML Audit Board meeting was led by FIU President Park Kwang. Representatives from the Financial Supervisory Service, the Ministry of Interior, and 11 other institutions participated. Officials discussed the development of auditing plans by each organization and the standardization of auditing processes.
The new AML policies will introduce more effective oversight against money laundering activities. Plans are underway to identify risk factors and enhance data sharing with financial institutions. Authorities indicated that annual auditing plans would be rapidly implemented to combat financial crimes more effectively.
New Unit to Focus on Cryptocurrency Fraud
A new team is being established to prevent cryptocurrency fraud. The Financial Supervisory Service and other authorities will create an auditing team named the “Public Livelihood Crimes AML Joint Task Force.” This unit aims to minimize potential risks by tracking suspicious transactions.
International AML efforts were also discussed. The U.S. Securities and Exchange Commission and the European Union are developing similar regulations. FIU officials emphasized the necessity of aligning with global AML policies.
The meeting also addressed the appeal by Upbit operator Dunamu against the business suspension imposed by the FIU. FIU officials noted that the implementation of new AML policies is inevitable following significant hacking incidents.
