The south Korean government to inspect the main banks in order to verify the application of the regulation on crypto-currencies

The south Korean authorities are going to start to do inspections in large banks to check their compliance with the new regulation on crypto-currencies. This decision follows the recent announcement that regulators prohibit the use of bank accounts, virtual transactions are anonymous.

Bitcoin/Source_Cryptotimes

Six financial institutions are on the grill

The Financial intelligence Commission (FSC) and Financial Supervisory Service (FSS) announced yesterday that they will investigate jointly on six major banks to check if they are properly implementing the new directives concerning the use of crypto-currencies. The inspection will begin today and will end on the 11 January next year. The banks that will be subject to this inspection are Woori Bank, KB Kookmin Bank, Nonghyup Bank, Korea Development Bank (KDB) and Industrial Bank of Korea (IBK).

Flag of South Korea/photo Credit : Coinvedi

A joint operation was hailed by the media

According to what we could read in the Financial News : “The FIU and the FSS will check whether banks have properly implemented their obligations of anti-money laundering in order to exploit the virtual accounts… The FIU has imposed more than 40 checklists on suspicious transactions, to the effect that crypto-currencies lead to high-risk transactions. “The Korea Herald also went its own commentary on the reasons for the joint action of the FIU and the FSS :” It is rare that the two organizations conduct a joint investigation, a move that industry observers see as an operation of fight against the money laundering by banks and which aims to give air to a market that begins to saturate. “

Source : News.bitcoin.com