Korean financial regulators are formulating standards for the issuance of real-name bank accounts for virtual asset exchanges

08/17 09:45

According to the Daily Star Planet Daily, the South Korean financial regulatory agency is developing "bank real-name account issuance standards" for cryptocurrency exchanges, which will be announced as early as the end of this month, and only banks with sufficient anti-money laundering (AML) capabilities will be allowed to provide real-name accounts to exchanges. The Financial Intelligence Unit (FIU) of the Financial Services Commission plans to manage the types of bank real-name account issuance as "initial issuance" and "multiple issuances", and is expected to issue guidelines. The FIU requires banks to establish dedicated teams for each exchange to conduct customer verification, supplement suspicious transaction reports, and conduct independent audits of cryptocurrency anti-money laundering businesses. According to the guidelines, if a bank wishes to provide a "first-time issuance" real-name account to a single virtual asset company, it must meet the following requirements: it has undergone an anti-money laundering inspection by the financial regulatory agency, the risk management evaluation rating of the financial intelligence agency is "medium" or higher, and the Real Name Account Operation Guidelines of the Bankers Association must meet system construction requirements. (Hankyung)

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