South Korea Expands Travel Rule in Major AML Crackdown

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South Korea is preparing one of its toughest Anti-Money Laundering (AML) crackdowns as it plans to expand its crypto Travel Rule to cover transactions under 1 million won ($680).

According to a Yonhap News report, the chairman of the country’s Financial Services Commission (FSC), Lee Eok-won, revealed the plans to the National Assembly’s Legislation and Judiciary Committee on Wednesday, saying that the government will crack down on money laundering activities that exploit crypto transactions. 

“We will crack down on crypto money laundering […]…



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South Korea Expands Travel Rule in Major AML Crackdown



South Korea is preparing one of its toughest Anti-Money Laundering (AML) crackdowns as it plans to expand its crypto Travel Rule to cover transactions under 1 million won ($680).

According to a Yonhap News report, the chairman of the country’s Financial Services Commission (FSC), Lee Eok-won, revealed the plans to the National Assembly’s Legislation and Judiciary Committee on Wednesday, saying that the government will crack down on money laundering activities that exploit crypto transactions. 

“We will crack down on crypto money laundering […]…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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