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The authorities of South Korea will check three large Banks to compliance with the rules of AML

Neironix
April 11, 2018 12:00 AM
35 150 Views
The authorities of South Korea will check three large Banks  to compliance with the rules of  AML

According to the Financial Services Commission (FSC) and Department of financial investigation (FIU), from April 19 to April 25 on-site inspection will take place in three financial institutions: NongHyup, KB Kookmin and KEB Hana.
It should be noted that early the authorities of the country have alluded to a possible ban of cryptoexchanges’ activity, in the end, however,as a result were limited by the compulsory verification of traders which entered into force on January 30. The Ministry of Finance then has promised not to put pressure upon the market.
Since at least six banks, including NongHyup, KookMin, Shinhan, KEB Hana, IBK and JB, have begun to work on implementation of new procedures. It’s noted that the NongHyup bank also provides services on the verification of clients to two large cryptocurrency’s exchanges of South Korea — Coinone and Bithumb.
The purpose of these inspections would be to test the banks’ compliance with new regulation verifying of the traders’ identification for work with cryptocurrency exchanges, including reconciliation of quantities of of the virtual accounts,created at these platforms with the relevant value of deposits.
We will remind, in late February the South Korea’s government  announced the beginning of the investigation of 13 largest country cryptocurrency exchanges among Bithumb, Coinone, Korbit and Upbit.The experts stated that,the platforms’ security systems " Do not meet the necessary requirements.".