TechFlow News, March 17: According to South Korean media outlet NewDaily, the Financial Supervisory Service (FSS) and the Korea Customs Service (KCS) have jointly signed a “Memorandum of Understanding (MOU) on Joint Civil-Government Cooperation to Intercept Funds from Transnational Crimes” with nine domestic credit card companies and the Credit Finance Association. The MOU aims to cut off, at the source, channels used for illegal foreign exchange transactions and overseas fund transfers via cryptocurrencies.
Under the agreement, the parties will integrate overseas credit and debit card usage records with immigration and customs data to conduct coordinated analysis, thereby identifying and intercepting suspicious transactions related to voice phishing and cryptocurrency-related crimes. Previously, the KCS and individual card companies each held such information independently, resulting in clear limitations in detecting anomalous transactions. The Credit Finance Association will serve as the central coordinating hub for information sharing and will regularly operate practical coordination mechanisms.
