RATE Group | South Korea Might Send Cryptocurrency Exchange AML Offenders to Jail
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South Korea Might Send Cryptocurrency Exchange AML Offenders to Jail

26 Nov South Korea Might Send Cryptocurrency Exchange AML Offenders to Jail

Posted at 14:36h in Cryptocurrency News by

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South Korea Might Send Cryptocurrency Exchange AML Offenders to Jail 101
Source: iStock/Rattankun Thongbun

South Korean regulators and parliamentarians are rapidly building up a legal framework that will help them police cryptocurrency exchanges, with non-compliant exchange operators potentially facing jail time.

Per news outlet Ilgan Today, the regulatory Korea Financial Intelligence Unit is seeking to amend the country’s key piece of anti-money laundering (AML) legislation, the Act on Reporting and Using Specified Transaction Information.

The amendment will force “cryptocurrency operators” to comply with AML measures, eliminate anonymous deposits and withdrawals, obtain information security management system (ISMS) certification and prove they are compliant with other police requirements.

The new amendment would force exchanges to produce reports proving their compliance. The amendment would stipulate that offenders could be jailed for up to five years, or pay hefty fines.

Once the amendment passes the plenary session at the National…

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