On the 22nd, the Financial Information and Analysis Institute (FIU) of the Financial Services Commission said that the revision of sub-regulations necessary for virtual asset providers to fulfill their anti-money laundering obligations has been completed. This was done prior to the enforcement of the “Amendment to the Act on the Reporting and Use of Specific Financial Transaction Information (hereinafter the Special Act)” on the 25th.
First of all, FIU is limited only when certain requirements are met when a virtual asset business operator brokers (shares an order book) virtual assets between its own customers and other virtual asset business customers’ customers.
First, another virtual asset business operator who wishes to share the order book must be a business operator who has obtained a license, etc. in Korea or abroad. Second, the virtual asset business operator must be able to check information on the customers of other virtual asset business operators. Regarding the virtual asset business entity licensed here, the FIU official said, “According to the FATF recommendation, the virtual asset business entity in each member state must complete the report. “It refers to a virtual asset business licensed in each member country.”
In addition, FIU has also prepared a method for pricing virtual assets. At the time of concluding a virtual asset trading/exchange transaction, the virtual asset business operator must calculate the KRW-translated amount by applying the value of the virtual asset. In the previous case, when a virtual asset transfer request is received from a customer, the KRW-translated amount is calculated by applying the value indicated by the virtual asset business entity.
Previously, the FIU did not clearly set the timing for reporting suspicious transactions by financial companies, but through this revision, it has been revised to report suspicious transactions within three business days from the time it was decided from financial transactions, etc.