South Korea's Financial Supervisory Agency, Customs Department, and Credit Card Companies Join Hands to Crack Down on Cryptocurrency Exchange and Illegal Withdrawals Overseas According to a report by New Daily, the Financial Supervisory Service (FSS), Customs Department, Credit Finance Association, and nine credit card companies in South Korea signed a "Public Private Partnership Agreement to Block Transnational Criminal Funds" on the same day. The plan aims to cut off the funding chain of telephone fraud and virtual asset crimes from the source by analyzing overseas credit card usage details and entry and exit records. In the past, due to information gaps between various institutions, although the Customs Department had entry and exit data, it was unable to monitor abnormal overseas consumption in real time, and although credit card companies had payment data, they did not have access to the clearance status of cardholders. According to the new mechanism, the Customs Department will provide high-risk transaction trends to credit card companies, while the Financial Supervisory Commission will develop guidelines authorizing credit card companies to directly take practical measures such as interrupting transactions when abnormalities are detected. Lee Chan jin, the President of the Financial Supervisory Agency of South Korea, stated that this move marks the establishment of a normalized monitoring system in South Korea to prevent the outflow of criminal proceeds overseas from the source. The system will focus on implementing precise crackdowns on the "foreign exchange" behavior of using overseas credit cards to cash out at overseas ATM machines and laundering money through cryptocurrency.