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Reading: South Korea Strengthens Anti-Money Laundering Measures Against Cryptocurrency Crimes
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COINTURK NEWS > Cryptocurrency News > South Korea Strengthens Anti-Money Laundering Measures Against Cryptocurrency Crimes
Cryptocurrency News

South Korea Strengthens Anti-Money Laundering Measures Against Cryptocurrency Crimes

In Brief

  • South Korea's FIU is tightening AML regulations for cryptocurrency crimes.

  • A new team will specifically tackle cryptocurrency fraud prevention.

  • International AML collaboration with the U.S. and EU is underway.

Fatih Uçar
Fatih Uçar 4 months ago
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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.

Contents
AML Audit Board Implements New DecisionsNew Unit to Focus on Cryptocurrency Fraud

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.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 5 March, 2025 - 5:05 pm 5 March, 2025 - 5:05 pm
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