Bithumb to block transactions from residents of countries that have not implemented money laundering prevention

Bithumb, a domestic cryptocurrency exchange, has decided to block transactions from residents of countries that have not implemented the anti-money laundering (AML) designated by the International Anti-Money Laundering Organization (FAFT).

Bithumb announced on the 9th that as four new countries were added to countries that did not comply with international standards for anti-money laundering at the FATF general meeting last month, they were reflected in their own’Regulations on Anti-Money Laundering Acts’ and implemented immediately.

According to the regulations, users in countries that have not implemented anti-money laundering are not allowed to join Bithumb as a new member. Existing members’ accounts are also suspended.

21 countries in which transactions are restricted are’high risk countries requiring action’ including Iran and North Korea, and 19 countries of’reinforced observational countries’ (including 4 new countries including the Cayman Islands, Burkina Faso, Morocco, and Senegal). It’s a country.

Bithumb has established and is implementing its own anti-money laundering policy, and is actively working to prevent money laundering by reinforcing customer identification (KYC) procedures such as verifying the residence of all members.

Last year, Octa Solution and AML and Fault Detection (FDS) solution specialized for virtual asset providers were jointly developed, and a specialized solution from Chainnallysys, a US blockchain analysis company, and Dow Jones’ solution were also introduced.

It also established its own anti-money laundering center. The center is making every effort to prevent virtual asset crime by continuously monitoring customer verification (KYC) and suspicious transaction reporting (STR). In addition, the system and status of anti-money laundering are regularly checked through banks linked to real-name accounts.

A Bithumb official said, “We will continue to supplement the relevant regulations and systems to create a transparent and sound virtual asset market and protect investors.”