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Banks of South Korea will tighten control over accounts of crypto-exchange exchanges

This measure should help in the fight against money-laundering.

29.Jun.18 12:53 AM
By Shawn Highstraw


Banks of South Korea will tighten control over accounts of crypto-exchange exchanges
Regulators of many states have repeatedly called on the international community to join forces in combating money-laundering. A special role in this issue is attributed to the strengthening of control over crypto-exchange exchanges, as criminals increasingly use digital assets to legalize their incomes.

As it became known, the financial regulator of South Korea decided to oblige banks to more tightly control the accounts of crypto sites. To this end, the government has prepared new rules governing the activities of exchanges. At the moment it is assumed that the prescriptions will be in effect for a year, but it is possible that later this term will be extended.

The essence of the innovation is the following: servicing crypto-exchange exchanges banks will have to control the movement of funds from deposit accounts to operational ones and vice versa. If any operations appear to the financial and credit structure to be suspicious, they will have to be reported to the authorities.

The Commission on Financial Services of South Korea took this step after carrying out inspections at three local crypto sites. These exchanges, as it turned out, violated the rules when transferring assets and did not keep the funds of traders apart from their own.

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