Coinone Completes Advanced Anti-Money Laundering Project

In-House Integration of AML Center Headquarters

Coinone Yeouido Office. Photo by Coinone

Coinone, a leading domestic specialized virtual asset exchange, announced on the 4th that it has completed its anti-money laundering (AML) enhancement project.

The project is characterized by upgrading the existing AML system, which was introduced based on financial sector systems, to a virtual asset service provider-tailored system.

Since May last year, Coinone has been collaborating with Able Consulting, a specialized company in AML consulting and solution development, to carry out the AML enhancement project. This project included the advancement of the RA (Risk Assessment) model and watchlist filtering, as well as the establishment of new STR (Suspicious Transaction Report) rules. It strengthened AML monitoring by efficiently building analysis and internal and external reporting processes for suspicious money laundering transactions and high-risk customers.

This year, by bringing STR personnel in charge of suspicious transaction reporting to the head office building, Coinone internalized the AML center, which had been operating in a separate office since its establishment in 2021. It optimized communication and tasks among related departments such as AML policy planning, operation, and compliance, thereby strengthening AML STR operations.

Cha Myung-hoon, CEO of Coinone, stated, “Since proactively forming the AML response team in 2019, we have conducted focused analyses on virtual asset transactions and continuously enhanced our systems. Especially this year, as it is the inaugural year of the User Protection Act, we plan to thoroughly respond to AML regulations based on a strengthened AML system and operational capabilities.”