Go Seung-beom "Supervision and Inspection of Virtual Asset Operators Must Be Strengthened"

FIU 20th Anniversary and the 15th Anti-Money Laundering Day Event

[Asia Economy Reporter Jin-ho Kim] Ko Seung-beom, Chairman of the Financial Services Commission, emphasized on the 23rd, "We will strengthen guidance and inspections of virtual asset service providers."

Chairman Ko made this remark while attending the '20th Anniversary of the Financial Intelligence Unit (FIU)' and the '15th Anti-Money Laundering Day' event held at Lotte Hotel in Sogong-dong, Seoul.

First, regarding the current status of anti-money laundering (AML) work, Chairman Ko diagnosed, "With the development of digital new technologies such as virtual assets and fintech, money laundering methods have become more sophisticated and their channels more diversified," adding, "Major countries including the United States emphasize thorough AML compliance, and its influence and importance are increasing day by day."

He then urged efforts to respond to changes and effectively maintain systems that suppress money laundering and terrorist financing. Chairman Ko emphasized ▲ the improvement of the FIU system and diversification of inspections and supervision ▲ strengthening communication between law enforcement agencies and the FIU ▲ and active cooperation from financial companies.

He said, "It is necessary to continuously improve related systems that meet international standards in new areas such as virtual assets," and added, "In terms of inspection and supervision, priority should be given to proactive responses to money laundering risks and strengthening guidance and inspections for new business sectors such as virtual asset service providers."

He further added, "Please keep in mind that strengthening communication through law enforcement agency councils and the cooperation of financial company personnel who are on the front lines of AML obligations are of utmost importance."

Additionally, Chairman Ko praised the efforts of the FIU on its 20th anniversary. He said, "The FIU has faithfully performed its fundamental role of establishing a transparent and sound financial order through anti-money laundering," and encouraged, "I express my gratitude to all FIU members for their passion and efforts that have enabled South Korea's AML system to be successfully established and effectively operated."

Meanwhile, at the event, awards were also presented to institutions and individuals who contributed to anti-money laundering efforts.

Hana Card received the Presidential Award in recognition of its active implementation of differentiated education by rank and job to raise awareness of the importance of AML work, as well as its company-wide efforts in internal control and risk assessment.

The Prime Minister's Commendation was awarded to two organizations: Samsung Securities and Hanwha General Insurance, while the Financial Services Commission Chairman's Commendation was given to four organizations: Jeju Bank, Kakao Pay, NongHyup Property & Casualty Insurance, and Hana Savings Bank. In addition, 26 employees engaged in AML work from the Financial Supervisory Service, Supreme Prosecutors' Office, Korea Customs Service, and financial institutions received the Financial Services Commission Chairman's Commendation.