Korea’s Financial Intelligence Unit to Conduct On-Site Inspection of Currency Market Exchange

03/02/2023 07:12 • Daily Digest • 77 views

On March 2, the Financial Intelligence Unit (FIU) under the Korea Financial Services Commission (KFSC) will start on-site inspection of the GDAC of the country’s currency market exchange on March 6, mainly for the establishment and operation of the anti-money laundering (AML) system. This is the first time that the financial authorities have conducted a detailed inspection of the currency market exchanges through on-site inspection. GDAC Exchange received the notice from the regulatory authority on on-site inspection on February 23.

Korea’s financial intelligence department will conduct on-site inspection on GDAC of the exchange on March 6

Interpretation of the news:

The Financial Intelligence Unit (FIU) under the Korea Financial Services Commission (KFSC) is set to carry out an on-site examination of the GDAC exchange of the country’s currency market exchange on March 6. The examination will focus on establishing and operating the anti-money laundering (AML) system, and it will be the first time that the financial authorities will conduct a comprehensive on-site inspection of currency market exchanges. The GDAC exchange received the notification from the regulatory authority on February 23, which highlights the government’s commitment to preventing money laundering activities within the country.

The Korean government has been making concerted efforts to strengthen its monitoring and regulatory framework for cryptocurrencies in recent years. With the rise of digital currencies in the country, the government has sought to safeguard investors and protect them against fraudulent activities through the application of stringent regulatory measures. This on-site inspection of the GDAC exchange is evidence of the government’s continued efforts towards regulating the cryptocurrency industry within the country.

The FIU has been carrying out inspections of various financial institutions in the country since its establishment in 2001, and it is responsible for implementing policies aimed at combating money laundering activities. The financial regulator has been stepping up its surveillance of cryptocurrency exchanges, and many exchanges have been subject to various forms of regulatory measures, including security audits and investigations.

The GDAC exchange is one of the most popular cryptocurrency exchanges in the country, with a large user base. The exchange has been focused on providing users with a safe, secure and reliable trading platform, while also adhering to regulatory policies. The on-site examination of the GDAC exchange is expected to provide the regulatory authority with much-needed insights into the exchange’s operations, particularly its AML system.

In conclusion, the Korean government is committed to creating a secure and conducive regulatory environment for cryptocurrency investments in the country. The on-site inspection of the GDAC exchange is part of the authorities’ comprehensive efforts to detect and prevent money laundering activities within the country’s cryptocurrency market. With the FIU’s mandate of ensuring compliance with the country’s anti-money laundering policies, the GDAC exchange, and other cryptocurrency exchanges in the country, are likely to continue to face regulatory scrutiny in the future.

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