Korea Approved Work of Banks With Trading Crypto Platforms
The head of the Financial Services Commission of the Republic of Korea (FSC), Choi Jong-ku, testified his approval regarding the mechanism for opening virtual bank accounts for trading platforms in terms of security and compliance with the law.
The manager noted that crypto exchanges using tools such as KYC - to identify customers and AML - preventing money laundering, can count on further opening accounts in financial institutions in South Korea.
“In the financial institutions of the country there are no difficulties in opening virtual bank accounts for trading crypto sites. If KYC and AML are implemented and work on the stock exchange, then there are no problems when creating virtual bank accounts, ”said Choi Jong-ku.
Since the beginning of 2018, the Commission has strengthened control over the implementation of AML and KYC procedures. In January, banking institutions were forbidden to open anonymous virtual accounts for trading crypto sites.
Then, a massive audit of six popular banking institutions on the observance of these procedures in respect of the accounts of crypto companies took place. The next wave of audits covered three more financial institutions. Problems were identified with the introduction of KYC and AML, which led to the fact that in June the FSC further strengthened the AML control rules for crypto companies.