South Korean digital asset companies must comply with anti-money laundering requirements starting next March 25, according to South Korea's Financial Services Commission (FSC) website.
The Cabinet of Ministers of the country has given its support to a series of amendments to the Act on Reporting and Using Specified Financial Transaction Information aimed at the field of cryptocurrencies.
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From now on, virtual asset service providers (VASPs) must register before they start operating. However, existing companies have a grace period. In particular, they have until September 24 to submit the necessary documentation and regularize their situation.
Service providers must report suspicious transactions to the FSC, verify the identities of their users and undergo AML compliance checks. Companies that fail to comply with these requirements face fines.
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