According to News1, the Financial Intelligence Unit (FIU) under South Korea's Financial Services Commission has initiated a legislative notice for amendments to the Enforcement Decree of the Act on the Reporting and Use of Specific Financial Transaction Information, aiming to comprehensively strengthen anti-money laundering (AML) regulations for Virtual Asset Service Providers (VASPs). The new rules propose extending the current Travel Rule, which applies only to transactions over 1 million KRW, to all transaction amounts, and requiring recipient VASPs to also bear the obligation of retaining information. Additionally, transactions over 10 million KRW, regardless of risk level, must be reported as suspicious transactions. Previously, Upbit, Korbit, and Bithumb were fined 35.2 billion KRW, 2.73 billion KRW, and 36.8 billion KRW, respectively, for AML violations. https://(wublock123.com)/news/south-korea-prefers-amendments-to-act-on-specific-financial-transactions-58949