South Korea’s FIU Unveils Work Plan For Crypto Exchanges
The Financial Intelligence Unit (FIU) of South Korea has announced its plans to increase oversight of crypto exchanges in the country. In their “2024 Work Plan,” the FIU aims to enhance anti-money laundering procedures to protect the Korean won market from illicit crypto exchanges. Non-compliant operators will be identified and removed. The plan was developed after gathering input from professionals and businesses, as well as collaborating with relevant organizations. The strategy includes increasing reporting reviews and inspections of virtual asset exchanges, banning exchanges that do not meet regulatory standards, and implementing a preemptive transaction suspension system for questionable transactions. The FIU also plans to conduct expert research and seek cooperation from professionals in the field.
The Plan To Be Distributed In Two Distinct Phases
The FIU’s plan will be executed in two phases. In the first phase, the market’s functionality and its susceptibility to money laundering will be evaluated. The second phase involves a comprehensive inquiry into virtual asset operators who do not comply with regulations, with the aim of protecting users by reviewing and expelling these operators. Major shareholders will also be evaluated, and those with a history of legal infractions or bad social credit will face stricter disqualification measures.
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