Korean Financial Authority: FIU will propose amendments to the enforcement orders and notices of the Specified Financial Information Act as early as

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Cointime2024/01/26 06:03

By:Cointime

The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) of South Korea will propose amendments to the Enforcement Decree and Notification of the Specific Financial Information Act by the end of this month or the beginning of next month, including standards for banks to issue real-name accounts.

The amendments include standards for banks to assess the money laundering risks of virtual asset operators and whether they comply with laws and regulations. In addition, virtual asset operators must also comply with the Virtual Asset User Protection Act, which will take effect in July.

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