Four major coin exchanges and casinos undergo money laundering inspection

Kakao Pay and Toss also likely to be tested
“Starting on-site inspection from next month”

The Financial Intelligence Service, affiliated with the Financial Services Commission, announced on the 16th that it will conduct money laundering verification for cryptocurrency exchanges and casino operators this year. Getty Images Bank

The financial authorities will conduct detailed money laundering verification for four major cryptocurrency exchanges, including Upbit, and nine casino operators. Electronic financial companies such as Naver Financial, Kakao Pay, and Toss are also highly likely to be tested for money laundering.

The Financial Intelligence Unit (FIU) under the Financial Services Commission (FIU) has provided funds to △virtual currency operators △electronic financial services △lenders among businesses that are subject to the ‘Act on the Reporting and Use of Specific Financial Transaction Information (Special Act)’ since 2019. It said on the 16th that it would conduct a direct inspection to ensure that it is properly complying with its washing obligations.

First of all, among the virtual currency operators, it is planning to conduct a comprehensive inspection, starting with the four major cryptocurrency exchanges, △Upbit △Bithumb △Korbit △Coinone, that can trade in won. In addition, if a money laundering problem occurs, regular inspections will be conducted.

‘Caution’ virtual currency operators selected in the comprehensive inspection are inspected to see if they operate the anti-money laundering system properly. The FIU plans to check whether the report of suspicious transactions and the real-name transfer between exchanges are properly implemented in the sector inspection. The subject of the sectoral inspection is selected in the second half of the year according to the results of the comprehensive inspection.

124 e-finance companies and 60 loan companies are also subject to FIU inspection. Considering the capital and number of users suggested by the financial authorities as criteria for selection of inspection targets, it is likely that large electronic financial companies such as △Naver Financial △KakaoPay △Toss (Viva Republica) will be tested.

Direct inspections will also be conducted again this year for nine casino operators, except for casinos located in Jeju-do, managed by the Jeju Provincial Office. These casinos are subject to direct inspection, but inspection has been suspended due to COVID-19. An FIU official said, “From next month, we will start on-site inspections of virtual currency operators, financial companies, and casino operators.”

Park Kyung-dam reporter

Balance to see the world, Hankook Ilbo Copyright © Hankookilbo

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