TechFlow news: The Korea Federation of Banks, in consultation with financial regulators and virtual asset exchanges, has established the "Guidelines for Real-Name Accounts for Virtual Assets" aimed at protecting virtual asset users and strengthening anti-money laundering (AML) measures.
Under these guidelines, banks require virtual asset exchanges to maintain reserves of at least 3 billion Korean won to assume responsibility for user damages. Additionally, enhanced authentication will be implemented for deposit transfers, along with restrictions on deposits after prolonged periods of inactivity. To manage deposit and withdrawal limits, banks plan to categorize user accounts into limited-use accounts and standard accounts. AML standards and procedures related to real-name accounts have also been revised.
Banks will, in principle, conduct enhanced customer due diligence annually for real-name account holders—not only verifying users' identity information but also reviewing additional information such as transaction purposes and sources of funds. Verification of high-risk users and reporting of suspicious transactions will also be strengthened.
