Financial regulators in South Korea will check three more banks for compliance with rules for combating money-laundering (AML), established earlier this year for cryptocurrency exchanges. About it reported in a statement issued today.
According to the statement of the financial intelligence unit (FIU) and the financial services Commission (FSC), the regulators will conduct on-site inspections of the banks, NongHyup, KB Kookmin and KEB Hana. This will be done in the period from 19 to 25 April 2018.
The financial intelligence unit also urged other financial institutions not included in this wave of inspections to independently test their systems to ensure that they meet the current rules.
Earlier this year FSC has banned local banks to provide virtual account cryptocurrency exchanges. The new rules were designed to prevent the laundering of money through cryptocurrency.
In early January, the two departments conducted inspections of the six largest banks — Woori Bank, Kookmin Bank, Shinhan Bank, NongHyup Bank, Industrial Bank of Korea and Korea Development Bank. This was the first large-scale inspection of the banking system for compliance with AML rules in relation to accounts related to cryptocurrencies.
That the regulators are preparing for the second wave of inspections of banks became known last month.