The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Korea FSC Confirms Plans for Crypto-focused Bureau at KoFIU

Kores

According to the FSC, the crypto-focused bureau will improve the transparency in virtual asset transactions. 

The Financial Services Commission (FSC) of South Korea and the Ministry of Interior and Safety have announced the formation of a dedicated bureau within the KoFIU (Korea Financial Intelligence Unit) for the supervision of the crypto sector. 

As per the updated Special Financial Transaction Information Act, which came into effect in March with a six-month grace period, mandates all Virtual Asset Service Providers (VASPs) to register with the KoFIU for the compliance of Anti-Money Laundering (AML) requirements on customers due diligence, suspicious transaction reporting, and real-name accounts. The deadline for compliance has been set for 24 September 2021.

The FSC has stated that the new division will be composed of dedicated teams that will be responsible for the monitoring of virtual asset transactions, as well as the management and supervision of VASP activities, and their compliance with AML regulations. 

“The proposal is intended to improve transparency in virtual asset transactions,” the FSC said. “The addition of working level personnel will strengthen the KoFIU’s capacity for inspection and analysis with regard to virtual asset transactions.”

The Korea Times also revealed that the new agency will have the authority to make decisions regarding licence extensions and will be exploring ways to strengthen investor protection rules. A policy management planning division will also sit within the new bureau.

Apart from this, the Korea’s Financial Supervisory Service (FSS) has published a list of VASPs that have and have not applied for ISMS certification as yet with the Korea Internet & Security Agency (KISA). 

The purpose of the ISMS certification is meant to provide assurance on business resiliency, information security management systems, and the protection of information assets. The certification is mandatory for KoFIU registration.

The list reveals that 38% of the crypto exchanges that operate in Korea, (24 out of 63) have not yet applied for ISMS certification. This has raised concerns, as any crypto exchange that fails to register by the September deadline will be forced to close down its operations. The ISMS certification can be obtained approximately three to six months after an application is submitted.

Until now, only Upbit (Korea’s largest crypto exchange) has fulfilled the requirements and registered with KoFIU.

Suggested Read: New Crypto Regulations to be Followed by Korean Banks

Related Posts

News

PayPal is hiring crypto engineers amid rumors of Bitcoin integration

Crypto and blockchain experts are being hired by Paypal as rumors circulate that the global payme...

PayPal is hiring crypto engineers amid rumors of Bitcoin integration Explore More

News

CBUAE Issues New AML/CTF Guidelines for the Insurance Sector

The Central Bank of the UAE (CBUAE) has announced new Anti Money Laundering and Countering Terror...

CBUAE Issues New AML/CTF Guidelines for the Insurance Sector Explore More

News

US Takes Steps to Regulate Digital Currency Amid Russian Sanction

President Biden signed an executive order on Wednesday wherein the federal government was urged t...

US Takes Steps to Regulate Digital Currency Amid Russian Sanction Explore More

News

UAE to be Removed from FATF Gray List in 2024

The UAE’s Minister of State for Foreign Trade and chairman of the Emirates Bullion Committee hope...

UAE to be Removed from FATF Gray List in 2024 Explore More

News

UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures

Six banks in the UAE have been issued financial sanctions by the UAE Central Bank for not complyi...

UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures Explore More

News

FATF Issues Guidance for AML/CFT Digitization of FIUs

FATF published a report in collaboration with the Egmont group discussing why and how FIUs should...

FATF Issues Guidance for AML/CFT Digitization of FIUs Explore More

News

EBA revised its guidelines on ML/FT risk factors

The European Banking Authority (EBA) issued revised money laundering and terrorist funding (ML/TF...

EBA revised its guidelines on ML/FT risk factors Explore More

News

SMEs Decry Registration Hurdles Owing to SCUML Certificate

SMEs have decried hurdles in opening business/corporate accounts due to the Anti Money Laundering...

SMEs Decry Registration Hurdles Owing to SCUML Certificate Explore More

News

Department of Justice Charges Russian Oligarch with Violating US Sanctions

The Justice Department reportedly charged a Russian oligarch with violating US sanctions and reve...

Department of Justice Charges Russian Oligarch with Violating US Sanctions Explore More

News

Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower

The Swiss Prosecutors have launched an investigation, not after the bank but against the Suisse S...

Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower Explore More

News

UAE Confiscates Dh4.73 Bn Worth of Assets in Fight Against Financial Crimes

In the past 12 months, the United Arab Emirates has seized assets worth Dh4.73 billion ($1.29bn) ...

UAE Confiscates Dh4.73 Bn Worth of Assets in Fight Against Financial Crimes Explore More

News

FATF Discloses Outcomes of October Plenary Meeting

The international regulatory authority, Financial Action Task Force (FATF), concluded its fourth ...

FATF Discloses Outcomes of October Plenary Meeting Explore More

News

Ransomware attacks rise as criminals target remote working

Ransomware attacks are getting bigger and bolder at a time where many organisations are implement...

Ransomware attacks rise as criminals target remote working Explore More

News

UAE banking sector unites with law enforcement agencies to tackle fraud

Dubai: UAE’s first national fraud awareness campaign has been initiated with the collaboration of...

UAE banking sector unites with law enforcement agencies to tackle fraud Explore More

News

Bank of Spain Issues New Cryptocurrency Regulations

Virtual asset service providers, banks, and other financial institutions are now required to regi...

Bank of Spain Issues New Cryptocurrency Regulations Explore More

News

US Banking Regulator Advises Federal Licensing Framework for Crypto Firms

Brian Brooks, Chief Operating Officer of the U.S. Office of the Comptroller of the Currency (OCC)...

US Banking Regulator Advises Federal Licensing Framework for Crypto Firms Explore More

News

Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens

The Department of Homeland Security (DHS) is taking back its decision to implement a policy that ...

Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens Explore More

News

UK Amends Corporate Act to Combat Economic Crimes

The UK government reformed the Economic Crime and Corporate Transparency Act to expand regulation...

UK Amends Corporate Act to Combat Economic Crimes Explore More

News

FCA Fines Nigeria’s Guaranty Trust Bank Over AML Control Failures

The (FCA) Financial Conduct Authority has charged 7.6 million pounds ($9.3 million) to the UK sub...

FCA Fines Nigeria’s Guaranty Trust Bank Over AML Control Failures Explore More

News

FCA Imposed a $1.05M fine on Barclays Bank for “Oversight Failings”

The U.K. Financial Conduct Authority (FCA) on Monday revealed that it imposed a fine of 783,800 p...

FCA Imposed a $1.05M fine on Barclays Bank for “Oversight Failings” Explore More

News

Italian banking association ready to accept digital euro

The Italian Banking Association (ABI) has disclosed that it is willing to support the introductio...

Italian banking association ready to accept digital euro Explore More

News

Google launches a new website to educate people about online scams

Hackers are more active during the COVID-19 outbreak than normal routine, considering which Googl...

Google launches a new website to educate people about online scams Explore More

News

Foxconn Becomes the Victim of Ransomware Attack

A ransomware attack has impacted an electronic manufacturer, Foxconn, very badly. This attack was...

Foxconn Becomes the Victim of Ransomware Attack Explore More

News

Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes

China’s top courts are set to impose heavier punishments to prevent financial crimes and mitigate...

Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes Explore More

News

BaFin Demands Deutsche Bank to Tighten its AML Controls

The financial regulatory authority in Germany, BaFin (Federal Financial Supervisory Authority) ha...

BaFin Demands Deutsche Bank to Tighten its AML Controls Explore More

News

National Treasury of Kenya Urges Companies to Hire Anti-Money Laundering Officers

Kenya’s National Treasury Department forced financial and specified non-financial institutes to o...

National Treasury of Kenya Urges Companies to Hire Anti-Money Laundering Officers Explore More

News

SA Banks at High Risk of Money Laundering & Terrorist Financing, Says Prudential Authority Report

South African banks have moved up into the high-risk category in the new report from the Prudenti...

SA Banks at High Risk of Money Laundering & Terrorist Financing, Says Prudential Authority Report Explore More

News

FINTRAC Issues Alert on Money Laundering from Illegal Wildlife Trade

FINTRAC, in collaboration with the Project Anton team, issues an alert on money laundering procee...

FINTRAC Issues Alert on Money Laundering from Illegal Wildlife Trade Explore More

News

FinCEN Implements Stringent KYC Regulations For Digital Wallet

The USA Treasury Department has proposed KYC- Know Your Customer Regulations for the digital asse...

FinCEN Implements Stringent KYC Regulations For Digital Wallet Explore More

News

PSR Orders UK Banks to Reimburse Customers Tricked by Payment Fraud

PSR has advised UK banks to compensate customers who have been the victims by APP (authorized pus...

PSR Orders UK Banks to Reimburse Customers Tricked by Payment Fraud Explore More

News

The Nigerian Bar Association (NBA) Introduces Anti-Terrorist Financing, Anti-Money Laundering Laws

Lawyers in Nigeria are being instructed to follow anti-money laundering and terrorist financing l...

The Nigerian Bar Association (NBA) Introduces Anti-Terrorist Financing, Anti-Money Laundering Laws Explore More

News

CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture

The Council for Scientific and Industrial Research (CSIR) has reported that cyberattacks have inc...

CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture Explore More

News

Seychelles Prosecutes First Money Laundering Case Against Elites from Pandora Papers

Seychelles, known for being a tax haven, was recently removed from the EU’s blacklist and is purs...

Seychelles Prosecutes First Money Laundering Case Against Elites from Pandora Papers Explore More

News

FATF Removes Malta From gray List of Untrustworthy Financial Jurisdictions

After one year of being included in the FATF grey list, the global action committee has voted Mal...

FATF Removes Malta From gray List of Untrustworthy Financial Jurisdictions Explore More

News

EU Legislates Rigid Traceability Rules for Crypto Transfers to Fight Money Laundering

The EU on Thursday legislates more strict traceability rules for cryptocurrencies transfer, in a ...

EU Legislates Rigid Traceability Rules for Crypto Transfers to Fight Money Laundering Explore More

News

Swiss Prosecutor Identifies Trail to Credit Suisse Money Laundering Case

A Swiss Prosecutor has identified the trail leading to the Credit Suisse money laundering case wo...

Swiss Prosecutor Identifies Trail to Credit Suisse Money Laundering Case Explore More

News

WHO Warns about Online Job Scams during COVID-19 Pandemic

A message shared on WhatsApp and Facebook claims that the World Health Organization (WHO) is adve...

WHO Warns about Online Job Scams during COVID-19 Pandemic Explore More

News

Rabobank’s Profits Drop Over Shut Down in Russia and Increased AML Costs

Dutch Cooperative Rabobank revealed that its profit plunged more than a quarter in the first half...

Rabobank’s Profits Drop Over Shut Down in Russia and Increased AML Costs Explore More

News

SEC Cautions Citizens Regarding Digital Investment Scams in the Philippines

The Securities and Exchange Commission (SEC)  has warned the public to pay caution while making d...

SEC Cautions Citizens Regarding Digital Investment Scams in the Philippines Explore More

News

FATF Claims Golden Visa Programs Raise Financial Crimes Activities

The international regulatory body, Financial Action Task Force (FATF), reported that Citizenship ...

FATF Claims Golden Visa Programs Raise Financial Crimes Activities Explore More

News

Coronavirus affects challenger banks as app downloads decline

According to Finbold, top challenger banks in the United Kingdom have noticed a sudden decline in...

Coronavirus affects challenger banks as app downloads decline Explore More

News

Action Fraud alerts shoppers about COVID-19 scams

Retail stores and other non-essential shops are recommencing across the United Kingdom, but many ...

Action Fraud alerts shoppers about COVID-19 scams Explore More

News

Economic and Financial Crimes Commission (EFCC) Notifies Estate Agents of Anti-Money Laundering Procedures

The Economic and Financial Crime Commission (EFCC) has instructed estate agents in Port Harcourt ...

Economic and Financial Crimes Commission (EFCC) Notifies Estate Agents of Anti-Money Laundering Procedures Explore More

News

Banks Introduce Confirmation of Payee to Tackle Fraud

The Confirmation of Payee (CoP) system was launched in October 2018 but implementation was delaye...

Banks Introduce Confirmation of Payee to Tackle Fraud Explore More

News

One in Three Western Australians Experience Financial Frauds – Bankwest

Based on reports, every one in three residents of Western Australia has experienced financial abu...

One in Three Western Australians Experience Financial Frauds – Bankwest Explore More

News

Banks Warned about Cryptocurrency Risk Exposure by FinCEN Director

During a virtual anti-money laundering conference by ACAMS in Las Vegas earlier this week, FinCEN...

Banks Warned about Cryptocurrency Risk Exposure by FinCEN Director Explore More

News

Compliance Institute of Nigeria (CIN) to Up its Game in Addressing AML/CTF Gaps

With threats of financial fraud emerging across the globe, the Compliance Institute of Nigeria (C...

Compliance Institute of Nigeria (CIN) to Up its Game in Addressing AML/CTF Gaps Explore More

News

European Union to Propose Amendments in AML Package for Corporate Transparency

The European Parliament has proposed a series of amendments to the Anti Money Laundering (AML) pa...

European Union to Propose Amendments in AML Package for Corporate Transparency Explore More

News

FATF’s New Regulations Will Help Sanctions Find Russian Targets

The Financial Action Task Force’s drive to eliminate the anonymity of corporate beneficiaries mak...

FATF’s New Regulations Will Help Sanctions Find Russian Targets Explore More

News

FinCEN and FDIC to Test the Effectiveness of Digital ID Verification Tools

Two federal regulators – the FinCEN and FDIC have called for a ‘tech sprint’ to assess the ...

FinCEN and FDIC to Test the Effectiveness of Digital ID Verification Tools Explore More

News

Nigerian Parliament Strengthens AML/CTF Laws for Real Estate Industry

Nigerian real estate regulatory authority to mandate businesses to comply with AML/CTF compliance...

Nigerian Parliament Strengthens AML/CTF Laws for Real Estate Industry Explore More

News

Regulators in Hong Kong Urge Banks to Accept Cryptocurrencies

Hong Kong banks are worried about regulatory repercussions for their crypto clients if money laun...

Regulators in Hong Kong Urge Banks to Accept Cryptocurrencies Explore More

News

NY’s Attorney General Warns the Crypto Industry Against Illicit Activities

Letitia James, Newyork’s Attorney General, has sent a clear message to the entire crypto industry...

NY’s Attorney General Warns the Crypto Industry Against Illicit Activities Explore More

News

Scottish Firm Blacklisted by the World Bank for Fraudulent Practices

An anonymously owned Scottish firm has been blacklisted by the World Bank for being involved in f...

Scottish Firm Blacklisted by the World Bank for Fraudulent Practices Explore More

News

Philippines Extends Registration Period for Amended AML Regulations

The Anti-Money Laundering Council in the Philippines has revisited the guidelines of the Anti-mon...

Philippines Extends Registration Period for Amended AML Regulations Explore More

News

Germany to Form a new Anti-Money Laundering Agency

Germany is reportedly forming a new AML agency that aims to regulate sanction efforts and money l...

Germany to Form a new Anti-Money Laundering Agency Explore More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying wit...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Explore More

News

Regulatory Authorities to File a New Bill to Secure the Citizens from Cyber Criminal Activities

Senator Estrada filed a bill to protect senior citizens unfamiliar with modern technology from cy...

Regulatory Authorities to File a New Bill to Secure the Citizens from Cyber Criminal Activities Explore More

News

FEMA Confirms Seizure of 288 Crore Funds of Chinese-owned NBFC

The FEMA has confirmed the seizure of 288 crores worth of funds of a “Chinese-owned” ...

FEMA Confirms Seizure of 288 Crore Funds of Chinese-owned NBFC Explore More

News

SEC Strengthens the Scrutiny on Money Laundering Activities in Malaya

SEC (Securities and Exchange Commission) said financial institutions and lenders are now obligate...

SEC Strengthens the Scrutiny on Money Laundering Activities in Malaya Explore More

News

US Senator Joe Manchin Introduces Digital Asset Anti-Money Laundering Act to Curb Unauthorised Crypto Flow

US Senator Joe Manchin, along with Senators Roger Marshall, Lindsy Graham, and Elizabeth Warren, ...

US Senator Joe Manchin Introduces Digital Asset Anti-Money Laundering Act to Curb Unauthorised Crypto Flow Explore More

News

WhatsApp accounts hacked to acquire bank card details

Recently a new scam has emerged in Singapore where hackers are found to take-over WhatsApp accoun...

WhatsApp accounts hacked to acquire bank card details Explore More

News

FATF to Conduct Checks & ‘Gray List’ Countries to Enforce Crypto AML Regulations

Global financial watchdog FATF has planned to perform checks and ‘grey list’ countries to ensure ...

FATF to Conduct Checks & ‘Gray List’ Countries to Enforce Crypto AML Regulations Explore More

News

Germany to Implement the 6th AML Directive to Secure Financial Firms

The Federal Government of Germany has decided to draft a law for money laundering operations. Eur...

Germany to Implement the 6th AML Directive to Secure Financial Firms Explore More

News

AML Council to Impose Sanctions on Property Dealers for Non-compliance

The Philippines’s Anti-Money Laundering Council (AMLC) is all set to impose sanctions and fines o...

AML Council to Impose Sanctions on Property Dealers for Non-compliance Explore More

News

AUSTRAC Partners With UK Counterpart to Fight Fraud

The financial intelligence agency has announced AUSTRAC has entered a new partnership with a UK c...

AUSTRAC Partners With UK Counterpart to Fight Fraud Explore More

News

Gambling Commission Imposed a £6.1 Million Fine on Touch Games for Money Laundering Failings

The Touch Games, a gambling firm that operates 11 websites, has been fined £6.1 million over fail...

Gambling Commission Imposed a £6.1 Million Fine on Touch Games for Money Laundering Failings Explore More

News

Bahrain sentences three money-laundering suspects to prison

Bahrain fined three suspects of $9 million and sentenced them to prison in the Future Bank case. ...

Bahrain sentences three money-laundering suspects to prison Explore More

News

The Cayman Islands Pleads to be Removed from the FATF’s ‘Gray List’ of Jurisdictions Suspected of Money Laundering

An initiative by the Cayman Islands in France, on June 19th, asked the Financial Authority Task F...

The Cayman Islands Pleads to be Removed from the FATF’s ‘Gray List’ of Jurisdictions Suspected of Money Laundering Explore More

News

FATF to Reassess Morocco’s AML Measures for Possible Removal from Gray List

The Financial Action Task Force (FATF) is all ready to reevaluate Morocco’s Anti Money Laundering...

FATF to Reassess Morocco’s AML Measures for Possible Removal from Gray List Explore More

News

Sebi Releases New Anti-Money Laundering Guidelines

The capital markets regulatory authority, the Securities Exchange Board of India (Sebi), publishe...

Sebi Releases New Anti-Money Laundering Guidelines Explore More

News

After China, Japanese Officials Considering to Introduce Digital Currency too

China has begun trials for its digital assets and issued 10 million yuan last week. The efforts o...

After China, Japanese Officials Considering to Introduce Digital Currency too Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started