South Korea will strengthen its anti money laundering system to address new types of financial and cryptocurrency crimes

According to a report by the South Korean Economic Daily Television, the South Korean financial authorities plan to strengthen their anti money laundering (AML) system to combat new types of financial crimes, including cryptocurrency crimes. The Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) held an anti money laundering inspection consultation meeting on March 5th and informed relevant agencies of the inspection plan. FIU will focus on and respond to new money laundering methods, such as illegal activities conducted through virtual accounts and simplified transfers.