Korean FSC asks banks to treat crypto like high-risk customers
- South Korea’s Financial Services Commission (FSC) has asked banks to treat crypto exchanges as high-risk customers.
- The FSC noted that cryptocurrency exchanges should be subject to more stringent transaction monitoring and identity verification.
Banks in South Korea have received instructions from the Financial Services Commission. According to the FSC, banks should treat crypto exchanges as high-risk customers. With this, exchanges should be subject to more stringent measures such as identity verification and transaction tracking.
The FSC has told banks that banks should deny services to customers who do not want to comply with the measures. This includes identity verification procedures and reporting suspicious transactions to the Korea Financial Intelligence Unit (KoFIU) which is the anti-money laundering division of the FSC.
On the other hand, banks are trying to seek a limitation of their responsibilities in the management of crypto. The Korean Federation of Banks, joined by a number of commercial lenders, is working to put in place a rule that would give banks an im …
This article first appeared on coinquora.com
Fusion media or anyone involved with Fusion Media will accept no responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics and buy / sell signals contained in this website. Please be fully informed about the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investing possible.