Only a few months from the entry into force of a new law requiring all South Korean cryptocurrency trades to update the Serious Tax Evasion Enemy (AML) strategies, and a race is underway to obtain timely agreements – and refraining from breaking the law.
So, what anti-money laundering measures does the South Korean cryptocurrency trading receive before legal changes next year? Moreover, how can they affect customers?
“It seems that the greatest players in the cryptocurrency extremely quickly introduce the mechanisms of the mixing », which will allow the clients to quickly and in one movement clean up the initial agreements of AML and Know your client »(KYC). Some even need to use blockchain. Support advanced documentation or decentralized ID (DID) mechanisms or smooth the use of the same type of cycles that banks use. They do not need to follow the record to be severely confused – they will fight to prevent it”.
In addition, Lee said that impeccable customer experience was necessary for every major transaction.
“Measures to combat money-laundering are likely to be consistent. Customers as a rule will not notice that they exist, except in cases when they make such exchanges which will cause warnings in the bank”, he said.
According to the D Daily, several traders began developing their anti-money laundering measures in February, and a vote was even called under the new law.
Upbit stated that it works with the American Chainalysis and “develops” its AML structure. Thus, Bithumb’s attacker has teamed up with Octasolutions, which will provide customer confirmation arrangements as the main aspect of another suspicious exchange detection (STR) structure.
Both companies will also use the arrangements provided by Gtone, an administrative technology firm that currently provides anti-money-laundering administrative functions to major commercial banks in the country.
Two other specialists from the traditional “huge four”, Coinone and Korbit, collaborated with the supplier of anti-money laundering agreements Able Consulting, a firm established by previous anti-money laundering experts in Samil-Pwc, a joint venture of PricewaterhouseCoopers, despite internal promotion efforts. that use AI innovation.