anti-money laundering Archives - Coin Engineer https://coinengineer.net/blog/tag/anti-money-laundering/ Btc, Coins, Pre-Sale, DeFi, NFT Wed, 05 Mar 2025 10:32:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png anti-money laundering Archives - Coin Engineer https://coinengineer.net/blog/tag/anti-money-laundering/ 32 32 South Korea FIU Unveils Stricter AML Restrictions in Light of Crypto Crimes https://coinengineer.net/blog/south-korea-fiu-unveils-stricter-aml-restrictions-in-light-of-crypto-crimes/ https://coinengineer.net/blog/south-korea-fiu-unveils-stricter-aml-restrictions-in-light-of-crypto-crimes/#respond Wed, 05 Mar 2025 12:00:26 +0000 https://coinengineer.net/blog/?p=37857 South Korea Financial Intelligence Unit Aims to Strengthen Anti-Money Laundering Efforts by Enhancing Crypto Transaction Monitoring. South Korea FIU Unveils New Strategies in Fight Against Money Laundering On March 5, South Korea’s Financial Intelligence Unit (FIU) revealed several strategies to prevent money laundering, according to local media Wow TV. The FIU plans to establish a

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]]> South Korea Financial Intelligence Unit Aims to Strengthen Anti-Money Laundering Efforts by Enhancing Crypto Transaction Monitoring.

South Korea FIU Unveils New Strategies in Fight Against Money Laundering

On March 5, South Korea’s Financial Intelligence Unit (FIU) revealed several strategies to prevent money laundering, according to local media Wow TV. The FIU plans to establish a joint response team, in collaboration with the Financial Supervisory Service and financial institutions, to tackle money laundering crimes that threaten public livelihoods.

This team will focus on monitoring and analyzing suspicious transaction patterns related to voice phishing, multi-level fraud, gambling, and drug-related financial crimes. The joint response team will operate bi-monthly under the FIU and will provide reports on recent money laundering-related activities.

Additionally, authorities will issue warnings to specific industry players based on vulnerability to money laundering crimes, with selections made based on media reports and industry requests.

FIU to Investigate Money Laundering Methods

According to the report, the FIU vows to actively review new money laundering methods, including the misuse of crypto trading accounts and remittance services for money laundering purposes.

These measures aim to cover new methods used in money laundering, specifically focusing on the flow of funds through digital asset transactions in the crypto space.

Moreover, the Financial Supervisory Service (FSS) announced it would expand its monitoring of financial firms recently investigated for suspicious money laundering activities. It will also focus on companies previously flagged for weak AML management during past assessments.

South Korea Forms Joint Investigation Unit to Combat Crypto Crimes

According to the Korea Customs Service, 77 companies, including high-risk currency exchanges and online and automated money exchanges, were audited last year. The investigation revealed that 45 companies violated regulations, including failing to report suspicious large transactions.

The FSS also announced plans to assess the cooperation between consumer protection departments and AML units within South Korean firms to enhance their ability to detect and prevent financial crimes.

On February 28, the South Korean government upgraded a temporary task force into a formal joint investigation unit specifically addressing crypto-related crimes and fraud cases, formed in response to the rising number of crypto crimes in recent years.

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]]> https://coinengineer.net/blog/south-korea-fiu-unveils-stricter-aml-restrictions-in-light-of-crypto-crimes/feed/ 0 EU Introduces New Regulations for Crypto Providers https://coinengineer.net/blog/eu-introduces-new-regulations-for-crypto-providers/ https://coinengineer.net/blog/eu-introduces-new-regulations-for-crypto-providers/#respond Fri, 15 Nov 2024 14:00:19 +0000 https://coinengineer.net/blog/?p=32378 The EU is taking significant steps to enhance security and transparency in the crypto sector with new regulations aimed at crypto-asset providers. The European Banking Authority (EBA) has published two sets of guidelines targeting payment service providers (PSPs) and crypto-asset service providers (CASPs), aiming to ensure compliance with EU and national restrictive measures and sanctions.

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The EU is taking significant steps to enhance security and transparency in the crypto sector with new regulations aimed at crypto-asset providers. The European Banking Authority (EBA) has published two sets of guidelines targeting payment service providers (PSPs) and crypto-asset service providers (CASPs), aiming to ensure compliance with EU and national restrictive measures and sanctions.

These guidelines will help financial institutions, including PSPs and CASPs, minimize legal and operational risks associated with their activities, particularly in relation to crypto transfers. The EBA emphasizes that weaknesses in internal controls could result in reputational damage and undermine the effectiveness of EU sanctions, potentially allowing circumvention of rules and destabilizing the financial ecosystem.

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The EBA stresses that by December 2025, PSPs and CASPs must implement reliable screening systems to comply with EU restrictive measures. This includes managing the risk of entities violating these measures and preventing circumvention of sanctions. These regulatory steps are crucial in strengthening the EU financial security and the integrity of the crypto industry.

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The regulations stem from a 2021 European Commission proposal to reform the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) frameworks, with these rules set to take full effect in December 2024.

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