Coinone Daily news June 28th, 2018 "Monitoring of cryptocurrency exchange operation account is strengthened in Korea"
*This account is operated by Korean cryptocurrency exchange COINONE to deliver news related to cryptocurrency issues in Korea.
"Monitoring of cryptocurrency exchange operation account is strengthened in Korea"
Financial authorities have decided to strengthen monitoring of "non-deposit accounts" used to operate cryptocurrency exchanges. In addition, financial companies will share information on overseas exchanges and will specify the point and reason for refusal of transactions on the cryptocurrency exchange.
Financial Information Analysts said on Wednesday that the amendment to the guideline on anti-money laundering related to cryptocurrency will go into effect for one year from 10th next month as it passes the financial committee decision on this day. The amendment is designed to improve the deficiencies in the guideline management that was revealed during the on - site inspection of banknotes in April.
According to the amendment, the financial authorities decided to strengthen monitoring of non-collecting accounts for the purpose of operating exchange expenses as well as collecting accounts for collecting user funds of cryptocurrency exchanges. To this end, the financial company should strengthen monitoring of the 'non-deposit account' transactions of the exchange and conduct an 'enhanced customer identification' (EDD) on the exchange when an abnormal transaction is found.
On the other hand, when the financial institution refuses to deal with the exchange in the meantime, the timing of the transaction is delayed because the timing is unclear. Therefore, the termination of the transaction is to be "same as the deadline for reporting suspicious transactions". In case of failure, additional clarification was required for reasons of refusal.