South Korea's financial regulator is formulating bank real-name account issuance standards for encrypted exchanges

Odaily Planet Daily News South Korean financial regulators are formulating "bank real-name account issuance standards" for cryptocurrency exchanges, which will be announced at the end of this month as early as the end of this month, allowing only banks with sufficient anti-money laundering (AML) capabilities to provide real-name accounts to exchanges. The Financial Intelligence Unit (FIU) of the Financial Services Commission plans to manage bank real-name account issuance types into "first issuance" and "multiple issuance," and is expected to issue guidelines. The FIU requires banks to establish dedicated teams for each exchange to conduct customer verification, supplement suspicious transaction reports and conduct independent audits of cryptocurrency anti-money laundering operations. According to the guidelines, if a bank wishes to offer a "first-time issuance" real-name account to a single virtual asset company, it must meet the following requirements: have been inspected by the Financial Supervisory Authority for anti-money laundering, and have a risk management assessment rating of "medium" or "moderate" from the Financial Intelligence Unit. Higher, and the Banking Federation's real-name account operation guidelines must meet the system construction and other requirements. (Hankyung)