Two South Korean financial regulator begin an audit of local banks to combat money laundering related to cryptocurrency exchanges.

According to the Yonhap, the following month, the financial intelligence unit and the financial services Commission (FSC) will start checking the banks in which open corporate account cryptocurrency exchanges.

This investigation, according to the report, follows the previous task of the financial Supervisory authorities. We will remind that since January 30 of this year, the internal cryptocurrency exchanges can continue to work only in the presence of the verification system of the real name, integrated with local banks. This measure is aimed at preventing the use of anonymous cryptocurrency transactions for money laundering.

Following the new rules, financial institutions in South Korea launched an independent implementation of verification of real names for major exchanges, completely stopping the service of small companies.

Note that the new check is held against expansion by the South Korean government measures to ensure proper implementation of mandates to combat money laundering throughout the financial system.