TechFlow reports, according to Yonhap News Agency, that the Financial Intelligence Unit (FIU) under South Korea's Financial Services Commission has unveiled its 2024 work plan. The plan aims to block unqualified virtual asset exchanges from accessing the Korean won market and strengthen reporting screening and anti-money laundering (AML) checks. As a large number of virtual asset exchanges will be renewing their registrations in the second half of this year, the FIU will conduct preliminary reviews in the first half, comprehensively assessing money laundering risks, market operational capabilities, and user protection. In the second half, it will carry out a thorough cleanup, expelling unqualified virtual asset service providers.
The FIU also plans to strengthen business reporting requirements by revising the "Act on Reporting and Use of Specific Financial Information" in the first half of the year to prevent unqualified virtual asset businesses from entering the market. It intends to expand the scope of report reviews from operators and executives to major shareholders, broaden the legal coverage, exclude individuals with prior legal violations from meeting review requirements, and add social credit requirements such as debt defaults.
