South Korea Tightens Anti-Money Laundering Regulations to Curb Crypto Crime!

Updated

March 6, 2025

Gambar South Korea Tightens Anti-Money Laundering Regulations to Curb Crypto Crime!

Jakarta, Pintu News—To combat crimes involving cryptocurrencies, the South Korean government, through its Financial Intelligence Unit (FIU), has announced tightening of Anti-Money Laundering (AML) regulations.

The move aims to strengthen the security of the financial system and protect the public from illegal activities.

Check out the full news below!

South Korea FIU’s Efforts to Strengthen AML Regulations

Recently, South Korea’s FIU has been coordinating with the Financial Services Commission to formulate more effective strategies to deal with increasingly complex money laundering techniques. One key area of concern is the misuse of virtual accounts and remittance services, which are often utilized for illegal transactions.

This new initiative is hoped to narrow criminals’ opportunities to utilize digital assets in illegal activities. The FIU also plans to collaborate with Financial Supervisory Institutions and other financial institutions to form a ‘Livelihood Crime AML Joint Response Team’.

The team’s main task is identifying gaps in AML and implementing measures to improve resilience against financial crime.

Latest Strategy in Crypto Transaction Supervision

south korea ai technology — Generated by AI

In the AML Inspection Trust Board meeting held on March 5, the FIU introduced a new strategy that includes establishing joint response teams. This team is tasked with monitoring transactions and analyzing suspicious patterns, which may be related to activities such as voice phishing, multilevel fraud, gambling, and drug-related financial crimes.

The team will meet every two months to compile reports on AML activities. In addition, the authority will provide alerts to selected industry entities based on their vulnerability to AML crimes.

The move, based on analysis of media reports and industry requests, demonstrates the FIU’s seriousness about tackling new money laundering methods, including through crypto trading accounts and misuse of remittance services.

Collaboration and Enhanced Surveillance

According to the Financial Supervisory Agency, supervision will expand to include financial companies that have recently engaged in suspicious AML activities.

Focus will also be given to companies previously identified as having inadequate AML management. On February 28, the government upgraded the temporary task force to a permanent joint investigation unit to deal with crypto-related crimes and fraud.

The Korea Customs Service also reported that 77 companies, including high-risk money exchange offices and online and automated money changers, were inspected. The investigation showed that 45 companies failed to report large suspicious transactions.

Conclusion

With increased regulation and inter-agency cooperation, South Korea is committed to maintaining economic security and protecting its citizens from crypto-related financial crimes. The measures taken are expected to reduce crime and increase public confidence in the financial system.

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