Korea Fintech Industry Association Collaborates with Five Law Firms on Fintech AML Regulatory Compliance

Support for Reducing Audit Costs... Over 60 Companies Participating
Kim & Chang, Shin & Kim, Bae Kim & Lee, Like Law Office, Jungse Law Firm, and Others

The Korea Fintech Industry Association announced on May 30 that it has decided to collaborate with five major domestic law firms to support the fintech industry’s response to anti-money laundering (AML) regulations.

The association plans to introduce a standardized joint audit system to reduce audit costs for fintech companies and to enhance the effectiveness of regulatory compliance.

On this day, the association officially began its collaboration with five law firms: Kim & Chang, Shin & Kim, Bae, Kim & Lee, Like Law Office, and Jungse Law Firm.

Fintech companies are classified as “financial companies, etc.” under the “Regulations on Anti-Money Laundering and Prohibition of Terrorist Financing.” According to these regulations, they are required to establish and operate an independent AML audit system.

The fintech industry is largely composed of small and medium-sized businesses. These companies face difficulties in fully complying with regulations due to challenges such as securing specialized audit personnel and the burden of outsourcing costs.

To address these challenges, the association selected five law firms specializing in AML through an evaluation process and established a standardized joint audit system in cooperation with them.

So far, more than 60 member companies have expressed their intention to participate. The association plans to recruit additional companies as demand increases and to provide support to stabilize audit operations.

In the second half of the year, the association intends to expand specialized AML training and promote a joint network construction project.

Lee Geunju, president of the association, stated, “The joint audit system is designed to help member companies fulfill their AML obligations more efficiently and to reduce the burden of audits. The association will support member companies in strengthening their regulatory response capabilities through smooth operation of the system and practical support.”