- The Financial Services Commission (FSC) in South Korea instructed banks to treat crypto exchanges as high-risk clients.
- The FSC noted that cryptocurrency exchanges must be subject to stricter transaction monitoring and ID verification.
Banks in South Korea received instructions coming from the Financial Services Commission. According to the FSC, banks should treat crypto exchanges as high-risk clients. With this, the exchanges must be subject to stricter measures such as ID verification and transaction monitoring.
The FSC told banks that banks should deny services to customers that do not want to comply with the measures. This includes ID 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 to their responsibilities to crypto management. The Korea Federation of Banks, joined by a number of commercial lenders, are working to set up a rule that would give banks im...
This article was first published on coinquora.com